Fitch ups Hurriyet local rating

Fitch Ratings said it upgraded Turkish newspaper group Hurriyet Gazetecilik ve Matbaacilik AS' senior unsecured local currency rating to BB- from B+. The outlook remains positive.

At the same time, Fitch revised the outlook on Hurriyet's senior unsecured foreign currency rating to positive from stable following the sovereign outlook change on Aug. 25. Hurriyet's senior unsecured foreign currency and national long-term ratings are affirmed at B+ and A+(tur), respectively.

Fitch said the upgrade reflects Hurriyet's positive business outlook resulting from the upturn in the advertising market alongside the economic recovery in Turkey. Newspapers in Turkey represent the second largest advertising medium, ensuring that it remains an attractive channel (35% of total Turkish advertising expenditure) for advertisers.

However, the rating continues to reflect concern about Hurriyet's reliance on the cyclical advertising revenues, which accounted for around 55% of its total revenues during first half 2004.

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