Moody's ups Dogus' CFR, PDR

Moody's Investors Service said it upgraded the corporate family and probability of default ratings of Dogus Holding AS to Ba2 from Ba3 and to Ba2-PD from Ba3-PD, respectively.

The outlook is stable.

Moody's said the action reflects: (a) Increased dividend contribution from business lines other than financial services such as automotive and construction; (b) higher recurring income from a growing real estate portfolio, resulting in a more stable and predictable cash flow pattern; and (c) a strong liquidity profile with sizable cash holdings of more than $800 million as of December 2012 as well as the ability to extend the company's debt maturity profile.

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