Fitch: Dogan Yayin senior rating B+

Fitch Ratings said it assigned Dogan Yayin Holding AS senior unsecured local and foreign currency B+ ratings with a stable outlook. The ratings are not constrained by the Republic of Turkey's sovereign ratings.

Fitch said the ratings reflect Dogan Yayin's prominence as the leading diversified Turkish media and entertainment conglomerate with solid market positions in printing and publishing, commercial free to air broadcast television and distribution and retail. The group is well placed to benefit from the upturn in advertising given the significant upside potential in the Turkish market.

However, the rating reflects Fitch's concern about Dogan Yayin's reliance on cyclical advertising revenues.

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