Moody's lowers Dogus Holding

Moody's Investors Service said it downgraded Dogus Holding AS's corporate family rating to B3 from B1 and probability of default rating to B3-PD from B1-PD.

The ratings remain on review for downgrade.

The ratings reflect a weakening liquidity at the holding company level, given the delays in the planned refinancing, Moody's explained.

Dogus Holding faces significant refinancing needs of debt maturing over the next 24 months, the agency said.

The ratings also consider its diversified group of businesses and sectors with prominent brands, Moody's said.

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