Fitch upgrades Dogan Yayin to BB-

Fitch Ratings said it upgraded Dogan Yayin Holding AS' long-term foreign and local currency issuer default ratings to BB- from B+.

The outlook is stable.

Fitch said the upgrade reflects Dogan Yayin's improved operational performance, namely within the well positioned broadcasting segment, as well as the material reduction in leverage expected by Fitch by the end of 2013 through the collection of receivables from asset sales performed in recent years and the planned rights issue.

Dogan Yayin's recently announced rights issue also supports the upgrade as it provides additional evidence of support from the parent company, the agency said.

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