Fitch changes rating Outlooks for Turkish corporates to Positive from Negative
Fitch Ratings has changed the Outlooks for the Senior Unsecured foreign currency and Senior Unsecured local currency ratings, and National ratings of Turkish companies and their transactions.
These actions reflect the change in the Outlook on Turkey's sovereign rating made by the agency on August 6, 2003. The Outlooks on the Senior Unsecured foreign currency ratings and transactions have been changed to Positive from Negative. For the Senior Unsecured local currency ratings, the Outlooks have been changed to Stable from Negative.
The companies whose ratings were changed include Anadolu Efes Beverage, Hurriyet Gazetecilik ve Matbaacilik, Turkcell Iletisim Hizmetleri, Cellco Finance, Turkiye Petrol Refinerileri, Vestel Elektronik Sanayi Ve Ticaret and Vestel Electronics Finance.
Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated AAA and other credits are rated only relative to this risk. Specific letter grades are not internationally comparable. — (menareport.com)
© 2003 Mena Report (www.menareport.com)