Moody’s rates Dogan Sirketler Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating to Dogan Sirketler Grubu Holding AS.

The outlook is negative.

“Dogan Holding's Ba3 corporate family rating reflects a conservative financial policy with an expectation that the group will maintain a strong net cash position at the holding company level and a good track record of adhering to such policy which enhances the group's more moderately positioned investment portfolio,” the agency said in a news release.

“While the majority of its investments are profitable, their limited size and moderate market positions within fragmented industries in Turkey make them vulnerable to the weakening macro environment.”

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