Fitch affirms Global Yatirim

Fitch Ratings said it affirmed Global Yatirim Holding AS's long-term foreign- and local-currency issuer default ratings at B- and removed the ratings from rating watch negative. The agency also said it affirmed the senior unsecured rating of its $100 million 9 ¼% loan participation notes, maturing in 2012, at B-. The senior unsecured debt has a recovery rating of RR4.

A positive outlook was assigned.

The ratings reflect the outstanding debt at the holding company level, the minimal access to the cash flows of its port and energy subsidiaries, given their own borrowings, the cash sweep mechanism at the ports level and the limited prospects for meaningful dividend flows going forward, Fitch said.

While the agency recognizes the fundamentally stable cash flow generation prospects, many of these businesses are limited in scale and remain strategically weak, the agency said.

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