Fitch upgrades eight Turkish corporates after sovereign rating action
Fitch Ratings has upgraded and affirmed its ratings on a number of Turkish industrial and commercial companies following the agency's sovereign action on September 25, 2003.
Earlier this month, the agency upgraded the Republic of Turkey's Long-term foreign currency and local currency ratings to B from B-. The outlooks for both ratings are Positive.
As a result, the Long-term foreign currency ratings of a series of Turkish companies including Anadolu Efes Beverage, Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi, Hurriyet Gazetecilik ve Matbaacilik and Turkcell Iletisim Hizmetleri have been upgraded one notch, mirroring the Turkish sovereign action.
Most of the companies' local currency ratings have been affirmed while one company's local currency rating has been upgraded. In the case of Turkcell, the Outlook on its local currency rating has been changed to Positive from Stable. — (menareport.com)
© 2003 Mena Report (www.menareport.com)