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Global Credit Research - 22 Mar 2012
Milan, March 22, 2012 -- In its annual report on the Turkish housing administration, TOKI,
Moody's Investors Service says the Ba2 (global scale, local and
foreign currency) and A3.tr (Turkey national scale) issuer ratings
reflect the company's close linkages with the Turkish government,
given its role in executing its housing and urbanisation policies.
The outlook on TOKI's Ba2 rating is positive, in line with
the outlook on Turkey's sovereign rating.
Moody's notes that TOKI's ratings are also supported by its
solid sales performance, its positive financial results, which
have benefitted from substantial asset expansion, and its limited
financial debt, which reflects its robust self-financing
capacity. Going forward, Moody's is confident that TOKI will
effectively manage the execution of its large investment programme without
significantly stressing its finances, given a stable legal framework
and continued support and oversight by the central government.Greater
sales in both its social housing (85% of TOKI's revenue)
and commercial activities (15%) largely reflect a higher number
of land plots allocated to TOKI by the government for new social housing
development. This sales growth has supported an increase in revenue
to around TL6.2 billion in FY 2010 from TL1.1 billion in
2005, which combined with more limited growth in operating costs
has led to a operating surplus of 46% of revenue.
Moody's notes that at FYE 2010, TOKI's financial debt
was TL1.5 billion, which is equivalent to 0.2x revenues
and 5% of assets. This is low when compared with its international
peers and reflects TOKI's good self-financing capacity to
date. Moreover, according to management's forecasts,
financial debt is expected to remain stable despite TOKI's ambitious
TOKI is a not-for-profit public sector entity that operates
under a mandate from the central government and the direction of the prime
minister's office. TOKI's ratings are underpinned by its public
sector status and its strategic role in executing the government's housing
policies. Its management practices are oriented towards improving
operational efficiency, albeit within limits and principles embedded
in its social role, and has thus far adequately managed operational
risks associated with its development-for-sale model.
Moody's National Scale Ratings (NSRs) are intended as relative measures
of creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative risks.
NSRs differ from Moody's global scale ratings in that they are not globally
comparable with the full universe of Moody's rated entities, but
only with NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".tr" for Turkey.
For further information on Moody's approach to national scale ratings,
please refer to Moody's Rating Implementation Guidance published in March
2011 entitled "Mapping Moody's National Scale Ratings to Global Scale
Vice President - Senior Analyst
Moody's Italia S.r.l
Corso di Porta Romana 68
MD - Sub-Sovereigns
JOURNALISTS: 44 20 7772 5456
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Moody's issues annual credit report on Toplu Konut Idaresi Baskanligi (TOKI), Turkey
Moody's Italia S.r.l
Corso di Porta Romana 68
No Related Data.
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