Fitch: Hurriyet to positive

Fitch Ratings said it revised the outlook on Hurriyet Gazetecilik ve Matbaacilik AS to positive from stable and affirmed its long-term foreign- and local-currency issuer default ratings at B+.

The agency also said it affirmed Hurriyet's national long-term rating at A(tur).

The ratings reflect the company's leading market position in the newspaper segment, but still high leverage of 4.5x at the end of 2012, Fitch said.

The positive outlook reflects an expectation that this will substantially reduce in 2013, mainly from the sale of real estate, the agency said.

Hurriyet's long-term issuer default ratings are at the same level as the issuer default ratings of its parent company, Dogan Yayin Holding AS, Fitch said.

There has been a structural trend of falling circulation and declining share of newspapers in local advertising market spending relative to television and the internet, the agency said. Fitch said it expects this to continue as the internet increases its share of advertising spending to 20% by 2016.

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