Fitch: negative watch for Hurriyet

Fitch Ratings said it maintained Hurriyet Gazetecilik ve Matbaacilik AS's long-term foreign- and local-currency issuer default ratings at BB- on rating watch negative, along with its national long-term rating of AA-(tur).

The action reflects Hurriyet's leading market position in Turkey, where it has a 10% share of daily newspaper sales and a 40% share of newspaper advertising revenue, Fitch said. The ratings also reflect its strong free cash flow generation -- $52 million in 2008 - despite declining EBITDA margins, the agency said.

The company's exposure to the Dogan Yayin Holding is a significant credit constraint, Fitch said.

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