S&P lifts Dogus outlook to positive

Standard & Poor's said it revised its outlook on Dogus Holding AS to positive from stable.

At the same time, the agency said it affirmed the BB-/B long- and short-term counterparty credit ratings on Dogus.

The outlook revision reflects its upgrade of the Republic of Turkey (foreign currency BB/positive/B; local currency BB+/positive/B), which led to a subsequent upgrade of Turkiye Garanti Bankasi AS (BB/positive), the agency noted.

"The upgrades of Turkey and Garanti positively affect its view of Dogus' portfolio quality, which, if combined with sustained low financial gearing, could weigh positively on the ratings on Dogus in the medium term," said S&P credit analyst Mohamed Damak.

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