{"id":42294,"date":"2025-03-22T15:11:16","date_gmt":"2025-03-22T15:11:16","guid":{"rendered":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/03\/22\/fitch-ratings-sasa-polyester-sasa-kredi-derecelendirme-notunu-acikladi\/"},"modified":"2025-03-22T15:11:16","modified_gmt":"2025-03-22T15:11:16","slug":"fitch-ratings-sasa-polyester-sasa-kredi-derecelendirme-notunu-acikladi","status":"publish","type":"post","link":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/2025\/03\/22\/fitch-ratings-sasa-polyester-sasa-kredi-derecelendirme-notunu-acikladi\/","title":{"rendered":"Fitch Ratings, Sasa Polyester (SASA) kredi derecelendirme notunu a\u00e7\u0131klad\u0131"},"content":{"rendered":"<p>Uluslararas\u0131 kredi derecelendirme kurulu\u015fu Fitch Ratings, 21 Mart 2025 tarihinde Sasa Polyester Sanayi A.\u015e.\u00a0(SASA) Uzun Vadeli \u0130hra\u00e7\u00e7\u0131 Temerr\u00fct Derecelendirmesi notuna ili\u015fkin bir rapor yay\u0131nlad\u0131. Kurulu\u015f, SASA\u2019n\u0131n kredi notunu d\u00fc\u015f\u00fcrd\u00fc\u011f\u00fcn\u00fc a\u00e7\u0131klayarak gerek\u00e7elerini s\u0131ralad\u0131. \u0130\u015fte detaylar\u2026<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"576\" src=\"https:\/\/rotaborsa.com\/wp-content\/uploads\/2024\/05\/sasa-1024x576.jpg\" alt=\"Sasa Polyester\u2019den (SASA) dev yat\u0131r\u0131mlar hakk\u0131nda a\u00e7\u0131klama HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" class=\"wp-image-171571\" title=\"Yi\u011fit Ak\u00fc (YIGIT) dev s\u00f6zle\u015fmeyi a\u00e7\u0131klad\u0131! 10 HABERLER, G\u00fcndemdekiler, \u015eirket Haberleri Rota Borsa\" \/><\/figure>\n<h2 class=\"wp-block-heading\">Sasa Polyester Sanayi A.\u015e. haberleri<\/h2>\n<p><strong>Fitch, Sasa Polyester Sanayi\u2019nin Derecesini \u2018B-\u2018ye D\u00fc\u015f\u00fcrd\u00fc; G\u00f6r\u00fcn\u00fcm Stabil<\/strong> : Fitch Ratings, Sasa Polyester Sanayi Anonim \u015eirketi\u2019nin (Sasa) Uzun Vadeli \u0130hra\u00e7\u00e7\u0131 Temerr\u00fct Derecesi\u2019ni (IDR) \u2018B\u2019 seviyesinden \u2018B-\u2018ye d\u00fc\u015f\u00fcrd\u00fc. G\u00f6r\u00fcn\u00fcm ise Stabil olarak belirlendi. Derece d\u00fc\u015f\u00fc\u015f\u00fc, zay\u0131f piyasa ko\u015fullar\u0131 alt\u0131nda s\u00fcregeldi\u011fi i\u00e7in s\u0131n\u0131rl\u0131 finansal esneklik ve s\u00fcrekli yenileme gerektiren k\u0131sa vadeli bor\u00e7 oran\u0131n\u0131n y\u00fcksek olmas\u0131ndan kaynakland\u0131. Ayr\u0131ca, y\u00fcksek kald\u0131ra\u00e7 oran\u0131, daha \u00f6nceki negatif duyarl\u0131l\u0131k olan 5 kat\u0131n \u00fczerinde, uzun bir s\u00fcre boyunca devam etmesiyle ilgili bir yans\u0131ma ta\u015f\u0131maktad\u0131r ifadeleri kullan\u0131ld\u0131.  Fitc\u2019in resmi web sitesi \u00fczerinden yay\u0131nlad\u0131\u011f\u0131 raporda ge\u00e7en ifadeler \u015fu \u015fekilde; <\/p>\n<p>\u201cStabil G\u00f6r\u00fcn\u00fcm, Sasa\u2019n\u0131n \u00f6nemli bir b\u00fcy\u00fcme sermaye harcamas\u0131 yapmamas\u0131 veya finansal profilini \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirmeden yat\u0131r\u0131m\u0131n bir sonraki a\u015famas\u0131n\u0131 ertelemesi varsay\u0131m\u0131 alt\u0131nda, 2026 sonuna kadar 5 kat seviyelerine do\u011fru kademeli bir de-leverage beklentimizi yans\u0131tmaktad\u0131r. Derece, Sasa\u2019n\u0131n T\u00fcrkiye\u2019nin en b\u00fcy\u00fck polyester \u00fcreticisi olarak g\u00fc\u00e7l\u00fc yerel pazar konumunu ve artan dikey entegrasyonunu i\u00e7ermektedir. Bu, tek bir tesiste yo\u011funla\u015fan varl\u0131k riski ve sat\u0131\u015flar\u0131n w\u2019sinin yerel T\u00fcrk ekonomisine ba\u011fl\u0131 olmas\u0131yla dengelenmektedir.<\/p>\n<div class=\"kanews-banner kanews-banner-single\">\n<div style=\"min-height:280px\" data-empower-zone=\"159899\" class=\"empower-ad\"><\/div>\n<\/div>\n<p><strong>Ana Derecelendirme Fakt\u00f6rleri<\/strong><\/p>\n<p><strong>Bor\u00e7 azaltma Gecikti:<\/strong> \u015eirketin ar\u0131t\u0131lm\u0131\u015f tereftalik asit (PTA) tesisindeki maliyet a\u015f\u0131m\u0131 ve marjlar\u0131n daralmas\u0131, 2024\u2019te EBITDA net kald\u0131ra\u00e7 oran\u0131n\u0131n 2023\u2019teki 8.5x seviyesinden 12.5x\u2019e \u00e7\u0131kmas\u0131na yol a\u00e7t\u0131. 2025\u2019te 6.9x\u2019e d\u00fc\u015fmesi bekleniyor, ancak bu oran hala \u00f6nceki negatif duyarl\u0131l\u0131\u011f\u0131m\u0131z olan 5.0x\u2019in \u00fczerinde. Fitch, kald\u0131ra\u00e7 oran\u0131n\u0131n 2026\u2019da 5.1x\u2019e ve 2028\u2019e kadar 4x seviyelerine inmesini bekliyor. Bu tahmin, 2026\u2019n\u0131n sonlar\u0131na do\u011fru in\u015fa a\u015famas\u0131na girmesi beklenen Yumurtal\u0131k petrokimya projesiyle ba\u011flant\u0131l\u0131 ek bor\u00e7 al\u0131m\u0131n\u0131 i\u00e7ermemektedir. Sasa, proje i\u00e7in 2024 Eyl\u00fcl\u2019e kadar 6 milyon metrekarelik arazi sat\u0131n alm\u0131\u015ft\u0131r, ancak proje ile ilgili ayr\u0131nt\u0131lar hen\u00fcz netle\u015fmemi\u015ftir ve finansman\u0131n\u0131n, Sasa\u2019n\u0131n kurumsal yap\u0131s\u0131n\u0131n d\u0131\u015f\u0131nda ortakl\u0131klar yoluyla sa\u011flanmas\u0131 muhtemeldir.<\/p>\n<p><strong>Daha Zay\u0131f Likidite:<\/strong> Sasa, k\u0131sa vadeli finansmana olan ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 art\u0131rm\u0131\u015ft\u0131r ve 2024 sonunda toplam bor\u00e7lar\u0131n\u0131n yakla\u015f\u0131k C\u2019\u00fc k\u0131sa vadeli bor\u00e7lardan olu\u015fmaktad\u0131r, bu oran 2023 sonu itibar\u0131yla 5\u2019ti. Fitch, daha uzun vadeli bor\u00e7larla fonlanan yat\u0131r\u0131mlar\u0131n daha y\u00fcksek pay\u0131n\u0131 \u00f6ng\u00f6rm\u00fc\u015ft\u00fc. Mevcut yap\u0131, Sasa\u2019y\u0131 yeniden finanse etme riskiyle kar\u015f\u0131 kar\u015f\u0131ya b\u0131rakmaktad\u0131r, ancak \u015firket, \u015fu ana kadar k\u0131sa vadeli vadesi gelen bor\u00e7lar\u0131 ba\u015far\u0131l\u0131 bir \u015fekilde yenileyebilmi\u015ftir. Y\u00fcksek bor\u00e7 y\u00fck\u00fc, EBITDA faiz kar\u015f\u0131lama oranlar\u0131n\u0131 da bask\u0131 alt\u0131na al\u0131yor ve bu oranlar\u0131n derecelendirme s\u00fcresi boyunca ortalama 1.5x civar\u0131nda olaca\u011f\u0131 tahmin edilmektedir.<\/p>\n<p><strong>Rekabet Marjlar\u0131 Bask\u0131l\u0131yor:<\/strong> Zay\u0131f makroekonomik b\u00fcy\u00fcme ve \u00c7in ile G\u00fcneydo\u011fu Asya\u2019dan gelen agresif rekabet, Sasa\u2019n\u0131n 2024\u2019teki marj toparlanmas\u0131n\u0131 engellemi\u015ftir ve polyester \u00fcreticileri i\u00e7in zorlu piyasa ko\u015fullar\u0131n\u0131n k\u0131sa vadede devam etmesi beklenmektedir. 2024\u2019te Sasa, gelirlerinin w\u2019sini yerel pazarda elde etmi\u015ftir ve burada s\u0131k\u0131 para politikalar\u0131n\u0131n 2025\u2019te GSYH b\u00fcy\u00fcmesini s\u0131n\u0131rlamas\u0131n\u0131 bekliyoruz. Bununla birlikte, Sasa\u2019n\u0131n T\u00fcrkiye\u2019deki ekonomik istikrar\u0131n iyile\u015fmesinden, en b\u00fcy\u00fck ihra\u00e7 pazar\u0131 olan AB ekonomisindeki \u0131l\u0131ml\u0131 toparlanmadan ve artan dikey entegrasyonun getirece\u011fi kademeli faydalardan yararlanmas\u0131 beklenmektedir.<\/p>\n<p><strong>PTA Tamamland\u0131, Kapasite Artacak:<\/strong> Sasa\u2019n\u0131n ana hammadde kayna\u011f\u0131n\u0131 sa\u011flayan 1.75 milyon tonluk PTA tesisi Mart 2025\u2019te faaliyete ge\u00e7mi\u015ftir ve 700.000 ton kapasiteye sahip yeni elyaf ve eritmeden re\u00e7ineye tesislerinin 1. yar\u0131y\u0131l 2025 sonuna kadar b\u00fct\u00e7eye uygun olarak tamamlanmas\u0131 planlanmaktad\u0131r. PTA projesi, tamamlanmas\u0131n\u0131n gecikmesine ve nihai maliyetinin ilk ba\u015ftaki 1.2 milyar USD yerine 1.7 milyar USD olmas\u0131na ra\u011fmen, Sasa\u2019n\u0131n kendi kendine yeterlili\u011fini art\u0131ran \u00f6nemli bir kilometre ta\u015f\u0131d\u0131r. Fitch, PTA\u2019n\u0131n y\u0131ll\u0131k katk\u0131s\u0131n\u0131 yakla\u015f\u0131k 200 milyon USD olarak tahmin etmektedir.<\/p>\n<p><strong>Tek Tesiste \u00dcretici:<\/strong> Sasa\u2019n\u0131n \u00fcretim tesisleri, T\u00fcrkiye\u2019nin Adana ilinde tek bir tesiste yo\u011funla\u015fm\u0131\u015ft\u0131r, bu da \u015firketi \u00fcretim s\u00fcreci veya T\u00fcrkiye\u2019nin en b\u00fcy\u00fck konteyner liman\u0131 olan Mersin \u00fczerinden tedariklerde olabilecek aksamalara kar\u015f\u0131 savunmas\u0131z b\u0131rakmaktad\u0131r. Varl\u0131k yo\u011funlu\u011fu, tesisin 24 \u00fcretim hatt\u0131na b\u00f6l\u00fcnmesiyle s\u0131n\u0131rlanm\u0131\u015ft\u0131r. Son be\u015f y\u0131lda Sasa, gelirlerinin yakla\u015f\u0131k v\u2019s\u0131n\u0131 yerel pazardan elde etmi\u015ftir ve m\u00fc\u015fterileri genellikle ihracat\u00e7\u0131 olmas\u0131na ra\u011fmen, T\u00fcrkiye\u2019deki makroekonomik ko\u015fullara \u00f6nemli bir maruz kalma ya\u015famaktad\u0131r.<\/p>\n<p><strong>Yerel Pazar A\u00e7\u0131\u011f\u0131:<\/strong> Sasa, T\u00fcrkiye\u2019nin yerel polyester \u00fcretim kapasitesinin yakla\u015f\u0131k T\u2019\u00fcn\u00fc kar\u015f\u0131lamaktad\u0131r. T\u00fcrkiye, tarihsel olarak polyester \u00fcr\u00fcnlerinin net ithalat\u00e7\u0131s\u0131 olmu\u015ftur, bu \u00fcr\u00fcnler genellikle Asya\u2019dan gelmektedir. Fitch, Sasa\u2019n\u0131n kapasitesinin 2024\u2019te 1.2 milyon tondan 2025\u2019te 1.9 milyon tona \u00e7\u0131kar\u0131lmas\u0131n\u0131n yerel pazar taraf\u0131ndan absorbe edilebilece\u011fini ve daha k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli yerli \u00fcreticiler nedeniyle pazar pay\u0131n\u0131 g\u00fc\u00e7lendirece\u011fini d\u00fc\u015f\u00fcnmektedir. Ancak Fitch, Asya\u2019daki d\u00fc\u015f\u00fck maliyetli \u00fcreticilerden gelen rekabetin, Sasa\u2019n\u0131n \u00fcr\u00fcn fiyatlar\u0131n\u0131 etkileyebilece\u011fini veya yeni varl\u0131klar\u0131n kullan\u0131m oranlar\u0131na orta vadede bask\u0131 yapabilece\u011fini d\u00fc\u015f\u00fcn\u00fcyor.<\/p>\n<p><strong>Ba\u011f\u0131ms\u0131z Derecelendirme:<\/strong> Sasa, Erdemo\u011flu Holding\u2019in \u00e7o\u011funluk hissesine sahip olup, holding do\u011frudan W hissa sahibidir ve ayr\u0131ca Sasa\u2019n\u0131n hisselerinin  \u2019sini kontrol eden bir varl\u0131kta da hakimiyet sahibidir. Sasa\u2019y\u0131, ba\u011f\u0131ms\u0131z olarak y\u00fcr\u00fct\u00fclmesi, b\u00fcy\u00fck \u00f6l\u00e7\u00fcde d\u0131\u015f finansmana dayanmas\u0131, kendi finansal fonksiyonlar\u0131na sahip olmas\u0131 ve grup \u015firketleri i\u00e7in garanti sa\u011flamamas\u0131 nedeniyle ba\u011f\u0131ms\u0131z bir \u015fekilde derecelendiriyoruz.\u201d<\/p>\n<p><strong><a href=\"https:\/\/t.me\/rotaborsa_halkaarz\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><mark><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-vivid-red-color\">Borsa ve halka arzlar ile ilgili geli\u015fmeleri en h\u0131zl\u0131 \u015fekilde \u00f6\u011frenmek ve Rotaborsa telegram hesab\u0131n\u0131 takip etmek i\u00e7in t\u0131klay\u0131n\u0131z.<\/mark><\/mark><\/strong><\/a><\/strong><\/p>\n<p><mark><em><strong><a href=\"https:\/\/rotaborsa.com\/forum\/tum-hisseler\/sasa-hisse-sasa-polyester\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark><mark style=\"background-color:#ffffff\" class=\"has-inline-color has-vivid-cyan-blue-color\">Sasa Polyester hisse FORUMU, hedef fiyatlar\u0131, hisse grafi\u011fi, hisse senedi fiyat\u0131, haber, analiz ve yorumlar\u0131 i\u00e7in t\u0131klay\u0131n\u0131z.<\/mark><\/mark><\/a><\/strong><\/em><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uluslararas\u0131 kredi derecelendirme kurulu\u015fu Fitch Ratings, 21 Mart 2025 tarihinde Sasa Polyester Sanayi A.\u015e.\u00a0(SASA) Uzun Vadeli \u0130hra\u00e7\u00e7\u0131 Temerr\u00fct Derecelendirmesi notuna ili\u015fkin bir rapor yay\u0131nlad\u0131. Kurulu\u015f, SASA\u2019n\u0131n kredi notunu d\u00fc\u015f\u00fcrd\u00fc\u011f\u00fcn\u00fc a\u00e7\u0131klayarak gerek\u00e7elerini s\u0131ralad\u0131. \u0130\u015fte detaylar\u2026 Sasa Polyester Sanayi A.\u015e. haberleri Fitch, Sasa Polyester Sanayi\u2019nin Derecesini \u2018B-\u2018ye D\u00fc\u015f\u00fcrd\u00fc; G\u00f6r\u00fcn\u00fcm Stabil : Fitch Ratings, Sasa Polyester Sanayi Anonim [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":42295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-42294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-borsa-haberleri"],"_links":{"self":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/42294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/comments?post=42294"}],"version-history":[{"count":0,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/posts\/42294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media\/42295"}],"wp:attachment":[{"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/media?parent=42294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/categories?post=42294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazing-banzai.188-132-230-163.plesk.page\/index.php\/wp-json\/wp\/v2\/tags?post=42294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}