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Fitch lifts GAP Textile to A-(tur)
Fitch Ratings said it upgraded the national long-term rating of Turkey-based GAP Guneydogu Tekstil AS (GAP Textile) to A-(tur) from BBB+(tur).
The outlook is now positive.
The upgrade reflects GAP Textile's sustained financial profile in fiscal year 2005 compared with a strong base year in 2004. GAP Textile has further enhanced its product and market diversification, which all serve to support its business profile, Fitch said.
The rating also reflects GAP Textile's substantial foreign-currency revenues (60% of total production is exported) through its geographically diversified exports and its strong customer base, the agency said.
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