Fitch cuts Dogus outlook to negative

Fitch Ratings said it revised Dogus Holding AS's outlook to negative from stable.

The agency said it has simultaneously affirmed Dogus's long-term foreign and local currency issuer default ratings at BB-, respectively.

The outlook revision reflects the continuous increase in financial debt over the past three to four years, Fitch said, adding that Dogus' consolidated net debt, excluding financial subsidiaries, more than doubled to $1.51 billion at end-Q309 from $667 million at end-FY07.

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