Fitch Ratings has upgraded Turkey’s Dogus Holding's Long-term foreign and local currency ratings to B from B-. The Outlook for both ratings remains Positive, stated a press release.
This rating action follows the agency's recent sovereign and Turkish bank rating actions. Some 67 percent of Dogus's revenues were accounted by its financial business in 2002, of which Turkiye Garanti Bankasi (TGB) is the main driver. Yesterday TGB's Long-term foreign currency and local currency ratings were upgraded to B from B- with Positive Outlook.
The group has made efforts to diversify its revenue base, and is aiming to further strengthen its non-financial businesses, mainly in food retail, automotive and construction in the next two to three years.
The restructuring exercise of its food retail business activities has almost been completed, creating potential for positive returns in the future. Increased profit and revenue contributions are expected from the group's automotive and construction businesses in financial year 2003. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
