S&P lifts Erdemir

S&P said it raised the long-term corporate credit rating on Eregli Demir ve Celik Fabrikalari TAS (Erdemir) to BB from BB-.

The outlook is stable.

The upgrades reflect Erdemir's strong operating performance in 2015 and improved liquidity position, S&P said.

Despite challenging market conditions in the second half of last year, Erdemir's credit metrics remained in line with a base-case expectations, the agency said, and the company has continued de-leveraging in 2015 and 2016.

The company continues to benefit from the Turkish flat steel industry's supportive supply and demand balance, as well as its high capacity utilization rates and leading domestic market position, S&P said.

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