JCR Eurasia Rating, has evaluated “Ekspo Faktoring A.Ş.” in the high investment level category and revised the Long-Term National Issuer Credit Rating to ‘AA (tr)’ from ‘AA- (tr)’ and the affirmed Short-Term National Issuer Credit Rating at ‘J1+ (tr)’ with ‘Stable’ outlooks. On the other hand, the Long Term International Foreign and Local Currency Issuer Credit Ratings and outlooks were determined as ‘BB/Negative’ in line with sovereign ratings and outlooks of Republic of Türkiye.
Ekspo Faktoring A.Ş. (hereinafter referred to as ‘Ekspo Faktoring’ or ‘the Company’) offers trade finance and export/import factoring and refactoring services to domestic customers since 2000. The Company has an established presence in the Turkish factoring sector which itself is a highly fragmented and predominantly bank-owned subsidiary dominated market. The Sector is supervised by Banking Regulation and Supervision Agency of Türkiye (BRSA) and market players are members of Associations of Financial Institutions, an umbrella organization for factoring, leasing and consumer finance companies.
The Company operates with notable equity to assets, compared to the sector averages and maintains an equity base well above the mandatory capital level required by BRSA. Ekspo has arrangements with various international ECAs such as US Ex-Im Bank and Black Sea Trade and Development Bank.
The primary shareholder of the Company is Tümay Family. All of the shareholders of the Company are experienced in the finance sector.
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