Fitch affirms Hurriyet

Fitch Ratings said it affirmed Hurriyet's long-term foreign- and local-currency issuer default ratings at BB, along with its national long-term rating at AA(tur). Hurriyet had no debt issues outstanding as of September.

The outlook is stable.

The ratings reflect Hurriyet's capacity to generate strong operating cash flow and a boost to regional growth prospects in Russia, the CIS and Eastern Europe following its recent acquisition, Fitch said.

Although management's forecast of a consolidated fiscal year 2007 net debt-to-EBITDA ratio of 2.2x is relatively high, it is within the confines of the rating, the agency said. Fitch also said it takes into account the company's target to de-leverage to a net debt-to-EBITDA ratio of 1.5x in the next 12 to 18 months.

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