Moody's upgrades Vestel

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Vestel Elektronik Sanayi ve Ticaret AS to B2 from B3.

The outlook is stable.

"The upgrade of Vestel's ratings to B2 follows its continued positive operating and financial performance since repayment of its $225 million of notes at maturity in May 2012 at which time we had changed the outlook to positive," Moody's vice president, senior analyst and lead analyst Vestel Martin Kohlhase said in a news release.

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