Fitch lowers Anadolu, Arcelik outlook to stable

Fitch Ratings said it changed the outlooks of the foreign currency issuer default ratings for Turkish corporates to stable from positive.

This follows today's revision on the outlook on Turkey's foreign currency issuer default rating of BB- to stable from positive, the agency said.

Affected ratings include Anadolu Efes Biracilik ve Malt Sanayii AS' FC issuer default rating, which was affirmed at BB, outlook revised to stable from positive, and local currency issuer default rating, affirmed at BB+, outlook remains stable, as well as Arcelik's FC issuer default rating affirmed at BB, outlook revised to stable from positive, and LC issuer default rating BBB- remains on rating watch negative.

Fitch said it intends to resolve the watch after a review of Arcelik management's strategy involving the acquired Beko as well as the likely full financial impact of the transaction on Arcelik's financial position at FYE06.

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