S&P boosts Erdemir outlook to stable

Standard & Poor's said it revised its outlook on Eregli Demir ve Celik Fabrikalari TAS (Erdemir) to stable from negative.

At the same time, the BB- long-term corporate credit rating was affirmed, S&P said.

The rating action reflects Erdemir's improving cash flow and stronger credit ratios during 2006, despite ongoing negative free operating cash flow caused by substantial capital expenditures, the agency noted.

Furthermore, execution risks have eased and dividend payments have been moderate, the agency said.

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