Fitch ups some Anadolu Efes ratings

Fitch Ratings said it upgraded Anadolu Efes Biracilik ve Malt Sanayii AS' senior unsecured local currency ratings to BB+ from BB. The outlook is stable.

Fitch also changed the outlook on Efes' senior unsecured foreign currency rating to positive from stable as the foreign currency rating is capped by Turkey's country ceiling B+.

Fitch said the upgrade reflects the continuing strong performance of Efes' Turkish beer operations.

Efes has proved its resilience over the last three years to the macroeconomic instability of Turkey, the marketing offensive of its main competitor and several tax increases, according to Fitch.

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