Fitch upgrades Dogus

Fitch Ratings said it upgraded Dogus Holding AS's senior unsecured foreign and local currency ratings to BB- from B+ and removed them from Rating Watch positive.

A stable outlook has been assigned.

Fitch noted the upgrade reflects Dogus' plans to de-leverage by applying the cash proceeds primarily from the Garanti Bankasi sale.

Fitch said it expects Dogus to more than halve its gross debt to around $500 million and it added Garanti Bankasi's business profile will benefit from the strong new joint owner, General Electric Consumer Finance.

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