Fitch affirms Dogus

Fitch Ratings said it affirmed Dogus Holding's senior unsecured foreign and local currency ratings at B+ with a stable outlook following the revised outlook on Dogus' bank subsidiary Garantibank (also rated B+) in the wake of Turkey's sovereign outlook change.

Fitch said Dogus as a holding company depends on dividend income, service income and capital gains from the sale of its equity holdings in subsidiaries. With dividend and service income limited until 2004, the company has been following its successful strategy of gradually disposing shares in its subsidiaries to deleverage.

With the non-financial operations strengthening and banking operations generating profits, Fitch said Dogus stands to further benefit from an improvement in dividend income generation. Dogus is also expected to continue with its stake disposal strategy for deleveraging.

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