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Fitch ups some Turkish corporates
Fitch Ratings said it upgraded and affirmed its ratings on various Turkish industrial and commercial companies.
The rating actions follow the agency's upgrade of the Republic of Turkey's long-term foreign currency and local currency ratings to BB- from B+. The outlook has been revised to stable from positive.
Except for Anadolu Efes and Tupras, the Turkish corporates' long-term foreign currency ratings are no longer constrained by the sovereign country ceiling of BB-, as they now fully reflect the strengths and risks consistent with their rating levels, the agency said.
The corporate ratings are as follows:
Anadolu Efes Beverage LTFC rating was upgraded to BB- from B+; the outlook was changed to stable from positive. The LTLC rating is affirmed at BB+, and the outlook remains stable.
Hurriyet Gazetecilik ve Matbaacilik AS' LTFC was upgraded to BB- from B+; the outlook was changed to stable from positive. The LTLC was affirmed at BB-, and the outlook remains positive.
Turkcell Iletisim Hizmetleri AS' LTFC was upgraded to BB- from B+; the outlook was changed to stable from positive and the LTLC was affirmed at BB- while the outlook remains stable.
Cellco Finance NV's $400 million 12.75% senior unsecured notes due 2005 were upgraded to BB- from B+.
Tupras' LTFC was upgraded to BB- from B+; the outlook was changed to stable from positive. The LTLC BB+ rating remains on rating watch negative.
Vestel Elektronik Sanayi ve Ticaret AS' LTFC was upgraded to BB- from B+; the outlook was changed to stable from positive. The LTLC was affirmed at BB- and the outlook remains stable.
Vestel Electronics Finance Ltd.'s $200 million 11.5% notes due May 14, 2007 were upgraded to BB- from B+.
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