S&P changes Erdemir to negative

S&P said it revised the outlook on Eregli Demir ve Celik Fabrikalari TAS (Erdemir) to negative from stable and affirmed its BB long-term corporate credit rating.

The affirmation and outlook revision follow the agency’s downgrade of Turkey.

While it does not see imminent negative implications on Erdemir, S&P said it believes Turkey's political landscape has fragmented further, and that this will undermine the country's investment environment, growth and capital inflows into its externally leveraged economy, which could, over time, have negative implications for domestic steel demand.

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