Fitch ups Ata

Fitch Ratings said it upgraded Ata Portfolio Management's (Ata PM) national asset manager rating to AM3+(tur) from AM3(tur).

The upgrade reflects Ata PM's business growth, despite an intensely competitive market, thanks to improvements in the economy and capital market, Fitch said.

Until recently, Ata PM did not have a banking network through which it could sell its products. Hence, the distribution agreement signed in 2005 with one of the top five Turkish banks represents, in Fitch's view, a major step towards improving profitability and gaining market awareness, the agency noted.

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