Fitch: Turkey’s sovereign downgrade affects local business ratings

Published April 1st, 2003 - 02:00 GMT

Fitch Ratings has taken rating actions on a number of Turkish industrial and commercial companies. The rating agency downgraded the long-term foreign currency (FC) of eight firms in response to last month’s long-term local currency downgrade to B- for the Republic of Turkey.  


The eight firms all received a one-notch FC downgrade from B to B-. The companies affected are Anadolu Efes Beverage, Dogus Holding, Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi, Hurriyet Gazetecilik ve Matbaacilik, Turkcell, Cellco Finance, Vestel Elektronik and Vestel Electronics Finance. 


The downgrades mirror the Turkish sovereign announcement last month. Most of the company's local currency ratings were affirmed, as were the ratings on Cellco Finance's notes. Accordingly, some of the corporates' National ratings were changed. The rating outlook for all of the companies is negative. An outlook reflects a time scale of one to two years. — ( 

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