Report
EUR 240.20 For Business Accounts Only

Frigoglass SAIC: Update following downgrade to Caa2, outlook changed to negative

Our credit view of Frigoglass SAIC reflects its weak liquidity and increased risk of default because of the operational difficulties as a result of the Russia-Ukraine conflict.
Underlying
Frigo-Pak Gida Maddeleri Sanayi ve Ticaret

Frigo-Pak AS. Frigo-Pak Gida Maddeleri Sanayi ve Ticaret AS is a Turkey-based company engaged in the production, processing and packaging of canned and frozen fruits and vegetables, carbonated drinks and fruit juices. It also produces fruit soda pops, aromatic and energy drinks and ice tea. The Company's soft drinks and fruit juices are branded as Sunpride, Joyful and Joy, and are offered in various sizes of plastic and glass bottles, and cardboard packaging. Its canned foods include pepper products, grapefruits, oranges, plums, sweet cherries, sour cherries, strawberries, red kidney beans and gherkins. Its frozen fruit products are grapes, strawberries, sour cherries, cherries, oranges, grapefruits and plums, and its frozen vegetables include tomatoes and peppers. The Company has a manufacturing plant in Inegol, Bursa. The Company exports its products primarily to the United Kingdom, the United States, Japan, Germany, as well as to eight other countries.

Provider
Moody's Investors Service
Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

  • 130 countries
    11,000 corporate issuers
    21,000 public finance issuers
    76,000 structured finance obligations



Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.



Moody’s default studies validate our predictive ratings. Our published research and investor briefings draw thousands of attendees each year and keep investors current with the rationale underlying our credit opinions. 

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