Fitch puts Dogus on watch for upgrade

Fitch Ratings said it put Dogus Holding AS's senior unsecured foreign and local currency B+ ratings on rating watch positive for possible upgrade.

Fitch said the rating action follows Dogus' Aug. 25 announcement to sell a stake of 25.5% of Turkiye Garanti Bankasi to GE Consumer Finance. Dogus currently holds a share of around 55.96% in Garanti and plans to retain a c.25.5% shareholding in Garanti as a strategic holding.

Fitch's report on the company in June defined the deleveraging at the holding level as a potential factor that could lead to a change in its ratings. Also, the current ratings of Dogus were below that of Garanti due to structural subordination that lenders in Dogus have compared to those in Garanti.

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