23 December, 2005

Turkey: Fitch Ratings has upgraded Anadolu Efes’ ratings

Efes Beverage Group announced on December 22 that Fitch Ratings, the international rating agency, has upgraded the Long Term Local Currency and National Ratings of Anadolu Efes Biracilikve Malt Sanayii A.S.’ (“Anadolu Efes”) to ‘BBB-‘ and ‘AA+’ respectively. The rating Outlook is Stable. At the same time the Long Term Foreign Currency rating has been affirmed at ‘BB-‘ with a Positive Outlook, as the Long Term Foreign Currency rating is capped by Turkey’s country ceiling.

Fitch Ratings stated that the upgrade is mainly attributable to the continuously good performance of Anadolu Efes’ Turkish operations, its resilience to difficult economic conditions and unfavorable regulatory environment, as well as its ability to reduce debt quickly through internally generated cash flow.

Our Company achieved Investment Grade rating in terms of Long Term Local Currency, which rating is three notches above the sovereign rating. Furthermore, our National Rating of AA+ is at the highest level achieved among the publicly rated Turkish industrial corporations.

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