JCR Eurasia Rating has affirmed the credit ratings and outlook of Akfa Holding A.Ş. and Its Consolidated Subsidiaries as ‘A-(Trk)/Stable’ on the Long Term National Scale and ‘BBB-/Stable’ on the Long Term International Foreign Currency Scale

JCR Eurasia Rating has affirmed the investment grade of “Akfa Holding A.Ş. and Its Consolidated Subsidiaries” as ‘A- (Trk)’ along with a ‘Stable’ outlook. JCR Eurasia Rating has assessed the Long Term International Foreign Currency and Local Currency ratings as ‘BBB-’. Other notes and details of the ratings are given in the table below:

Uzun Vadeli Uluslararası Yabancı Para


BBB- / (Stable Outlook)

Uzun Vadeli Uluslararası Yerel Para Notu


BBB-/ (Stable Outlook)

Uzun Vadeli Ulusal Notu


A- (Trk) / (Stable Outlook)

Kısa Vadeli Uluslararası Yabancı Para


A-3 / (Stable Outlook)

Kısa Vadeli Uluslararası Yerel Para Notu


A-3 / (Stable Outlook)

Kısa Vadeli Ulusal Notu


A-1 (Trk) / (Stable Outlook)

Desteklenme Notu



Ortaklardan Bağımsızlık Notu



The growing operations of the Akfa Group, with roots dating back to Akfa Teknoloji established in 1997 to provide broadcasting solutions, were gathered together under Akfa Holding A.Ş. in 2010. Currently, the Akfa Group covers 21 group companies, 4 based overseas, providing extensive technology intensive solutions in its four strategic fields of information technologies, construction & electromechanical, manufacturing & industry and healthcare.

Delivering numerous prestigious projects in and out of Turkey thanks to its competitive advantage in providing technology based solutions; the Group began to focus its core business activities in the fields of IT, communication services and electromechanical construction. The Group successfully completed projects in countries of the former Soviet Republic and the Gulf, including the 2014 Sochi Winter Olympics, Astana Media Centre, Ashgabat Olympics Complex and Riyadh Airport and currently undertaking large-scale complex projects in Turkey, Saudi Arabia, Kazakhstan and Turkmenistan.

Significantly increasing its domestic and international sales in the last 5 years owing to acquisitions and growing project volume, the Group financed its investments mainly through bank loans and supplier credits, effectively raising the leverage level. Additionally, the large negative foreign currency position and the volatility of the currencies of the countries in which the Group operates engender pressures on its consolidated profitability indicators. On the other hand, the Group’s positive net working capital level and ample committed credit lines facilitate liquidity management. The Group’s sound proven track record, reasonable counterparty risk thanks to the undertaking of projects with the association of large companies and governments, geographically diversified revenue streams trough a wide range of business and a strong order book position increasing the visibility of its future revenues have been considered in the assignment of a Long-Term National Rating of ‘A-’ with a ‘Stable’ Outlook and the Foreign Currency ratings which are limited by Turkey’s country ceiling. Additionally, Turkey’s macroeconomic and political risks along with the narrowing global demand are inherently taken into account as key rating sensitivities.

Although JCR Eurasia Rating does not possess in-depth information about the financial strength of the majority shareholder Mr. Fatih Aktaş, after taking into consideration the owners’ commitment to the Group and the Holding’s actual and expected revenue potential from its diversified business, a Sponsor Support Grade of ‘3’ has been assigned, denoting a sufficient level of external support.

Taking into account the Holding’s complementary fields of activity, borrowing structure, reputation earned through the completion of prestigious domestic and international projects, and improvements in risk management practices in line with the organizational restructuring, JCR Eurasia Rating has reached the conclusion that the Akfa Group has the sufficient experience and infrastructure to manage its obligations regardless of any assistance that may be provided by the shareholders, providing that it develops its maintains its current level of effectiveness in the market. Within this context, the Stand Alone grade of the Company has been determined as (BC) in the JCR Eurasia Rating notation system.

For more information you may visit our internet site http://www.jcrer.com.tr or contact our analyst Mr. Abdurrahman TUTĞAÇ.



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