Global Yatirim : Rating Upgrade 29 December 2020

Rating Upgrade 29 December 2020

JCR Eurasia Rating has revised the ratings of Global Investment Holdings as 'BBB+ (Trk)' and 'BB+' on the long term national and international scale and affirmed the outlooks on the ratings as 'Stable'. The sovereign rating of Republic of Turkey was downgraded by one notch to 'BB+' on April 10, 2020. The Holding's Long Term International Ratings, which were previously assigned as 'BBB-' are downgraded by one notch to 'BB+' and aligned with sovereign rating of Republic of Turkey. Additionally, despite the fact that the outlook of Turkey's sovereign rating is determined as 'Negative' by Japan Credit Rating Agency Ltd. On April 10,2020, JCR Eurasia Rating has assigned 'Stable' outlooks on the international long and short term local currency rating perspectives of Global Investment, considering the Holding's foreign currency generation capacity.

In its periodic review, JCR Eurasia Rating has evaluated Global Investment Holdings ("GIH") and the Ongoing Bond Issues in an investment-level category on the national scale and revised the ratings on the Long Term National Scale from 'A- (Trk)' to 'BBB+ (Trk)' and the Long Term International Scale from 'BBB-' to 'BB+' with 'Stable' outlooks. Moreover, the ratings for the outstanding or prospective debt instrument issuances determined as 'BBB+ (Trk)' for the long term and 'A-2 (Trk)' for the short term. Additionally, GIH's Short Term National Rating changed at 'A-2 (Trk) / Stable'. The rating action is driven by the Covid-19 pandemic that has engulfed the world is causing unprecedented disruption to both global economies and the global travel sector. On the other hand, GIH's resilience was also confirmed by JCR Eurasia Rating. Despite the fact that the outlook of Turkey's sovereign rating is determined as 'Negative' on April 10,2020, JCR Eurasia Rating has assigned 'Stable' outlooks on the international long and short term local currency rating perspectives of Global Investment, considering the Holding's foreign currency generation capacity.

Global Investment Holdings' main shareholders are deemed adequate in terms of financial power considering the diversification of sectors involved and competitive advantage. In this regard, the major shareholders have the adequate willingness and experience to ensure long-term liquidity and equity within their financial capability when required and the Company's Sponsor Support Grade has been determined as (2), which denotes adequate external support.

The Stand-Alone grade, denoting GIH's ability to fulfil the liabilities with its own resources, has been determined as (B), indicating that level of capacity to utilize internal resources are adequate, considering the GIH's activities in different sectors, income generation capacity and equity and indebtedness levels.

Other notes and details of the ratings are:

Long Term International Foreign Currency	:	BB+/ (Stable Outlook)
Long Term International Local Currency	:	BB+/ (Stable Outlook)
Long Term International Issue Rating	:	BB+
Long Term National Local Rating	:	BBB+ (Trk) / (Stable Outlook)
Long Term National Issue Rating	:	BBB+ (Trk)
Short Term International Foreign Currency	:	B / (Stable Outlook)
Short Term International Local Currency	:	B / (Stable Outlook)
Short Term International Issue Rating	:	B
Short Term National Local Rating	:	A-2 (Trk) / (Stable Outlook)
Short Term National Issue Rating	:	A-2 (Trk)
Sponsor Support	:	2
Stand Alone	:	B