Fitch rates Global Liman Isletmeleri notes BB-

Fitch Ratings said it assigned a senior unsecured rating of BB- to Global Liman Isletmeleri AS’s $250 million senior unsecured notes due 2021.

The outlook is stable.

The ratings reflect the company’s fairly weak business attributes and debt structure, even though leverage at 2.2x in 2013 was lower than most peers with higher ratings, Fitch said.

The key weakness of the company is its exposure to two volatile business segments, containerized export of marble from Port Akdeniz and a passenger-cruise business, the agency said.

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