Moody’s upgrades Dogus

Moody’s Investors Service said it upgraded the corporate family rating of Dogus Holding AS to Ba1 from Ba2 and its probability of default rating to Ba1-PD from Ba2-PD.

The outlook is stable.

The upgrades reflect the improving credit profile of Dogus as a result of the combination of a strengthening business profile and a financial profile, which is now bolstered by the cash proceeds from the Garanti Bank stake sale, Moody’s said.

The C$2 billion of proceeds were primarily used to de-lever the group’s balance sheet and enhance the liquidity position at the holding level, which increases its financial flexibility, the agency said.

This is a positive factor as the group continues to pursue growth opportunities against a more economically challenging backdrop, Moody’s said.

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