Fitch affirms Calik

Fitch Ratings said it affirmed Calik Holding AS's long-term foreign- and local-currency issuer default ratings at B- and national long-term rating at BB-(tur).

The outlook is negative.

Fitch also said it affirmed Globus Capital Finance SA's $200 million 8½% senior unsecured notes due in 2012 at B- with a recovery rating of RR4. The notes are guaranteed by Calik.

Fitch also said it affirmed Calik's subsidiary, GAP Guneydogu Tekstil AS's national long-term rating at BB-(tur).

The ratings highlight the strong linkage between Calik and GAP, which justifies equating the national long-term rating of both entities, the agency said.

The negative outlook reflects concerns about Calik's short- term refinancing risk, Fitch said.

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