Fitch affirms Hurriyet

Fitch Ratings said it affirmed Hurriyet Gazetecilik ve Matbaacilik AS's long-term foreign- and local-currency issuer default ratings at B+ and national long-term rating at A(tur).

The ratings also were simultaneously removed from Rating Watch negative.

A stable outlook was assigned.

Hurriyet is a newspaper subsidiary of Dogan Yayin Holding AS.

The affirmations reflect Hurriyet's leading market position, relatively high leverage and still-robust free cash flow generation capability, Fitch said, despite lower EBITDA margins both domestically and at its main subsidiary, Trader Media East.

The agency noted that the acquisition of Trader Media East and the higher credit metrics associated with the transaction have increased Hurriyet's risk profile.

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