Moody's reviews Dogan Yayin

Moody's Investors Service said it placed the Ba3 foreign- and domestic-currency corporate family and probability-of-default ratings of Dogan Yayin Holding AS on review for downgrade as well as its Baa1.tr Turkish national scale ratings.

The action follows a detailed assessment of earnings with review of management's preliminary guidance and reflects Moody's view that the group's new venture investments in broadcasting and retail segments will continue to absorb a far greater proportion of the group's cash generation and debt capacity than had assumed, according to the agency.

The issuer's adjusted net debt-to-EBITDA ratio is likely to remain well above expectations of 3x at the end of 2008.

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