Fitch: Dogan Yayin, Hurriyet on watch

Fitch Ratings said it placed Dogan Yayin Holding's and Hurriyet Gazetecilik ve Matbaacilik AS's BB- long-term issuer default rating on Rating Watch negative.

This follows Dogan Holding's proposed takeover of its 80%-owned media subsidiary Dogan Yayin, Fitch said.

The ratings on negative watch include Dogan Yayin's long-term foreign-currency issuer default rating of BB-, long-term local-currency issuer default rating of BB-, along with Hurriyet's long-term foreign-currency issuer default rating of BB-, long-term local-currency issuer default rating of BB- and national long-term rating of A+(tur).

Under the proposed takeover, Dogan Yayin will merge all of its assets and liabilities into Dogan Holding, the agency said.

The negative watch reflects a view that the credit profile of the merged entity could be lower or in line with the current issuer default rating of Dogan Yayin, Fitch said.

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