Fitch: Efes outlook negative

Fitch Ratings said it affirmed Anadolu Efes Biracilik ve Malt Sanayii AS' long-term foreign-currency issuer default rating at BB, its local-currency issuer default rating at BB+ and national long-term rating at AA+ (tur).

The outlook was revised to negative from stable

The company's long-term foreign-currency issuer default rating is constrained by Turkey's country ceiling.

"The change of outlook reflects Fitch's concerns about the exposure of Efes' leverage to the deteriorating consumer environment and to the weakness of the currencies in which it operates, as well as a moderate degree of refinancing risk," Giulio Lombardi, a senior director at Fitch, said in a statement.

Fitch said the affirmation considers the company's virtually unchallenged leadership position in the Turkish beer market and its ability, through stable cash flow, to support its 70%-owned international subsidiary, Efes Breweries International, during its past expansion and within the current challenging environment.

Efes' net debt-to-EBITDA ratio was 1.2x at fiscal year-end 2007.

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