S&P: Dogus on positive watch

Standard & Poor's said it placed its B long-term counterparty credit ratings on Dogus Holding AS on CreditWatch with positive implications following the group's announcements of various asset disposals.

At the same time, the B short-term counterparty credit ratings on Dogus were affirmed, S&P noted.

The CreditWatch listing reflects the strong positive impact on the group's liquidity that will derive from two deals, the sale of Dogus' 71% stake in the Tansas food retail chain to Koc group and the sale of 25.5% and 49.2% of Turkiye Garanti Bankasi AS's (BB-/stable) ordinary and founders' shares, respectively, to GE Consumer Finance (AAA/stable/A-1+), the agency said.

Given expected aggregate net proceeds of about $1.3 billion, these transactions offer a significant opportunity to reduce the group's substantial leverage, S&P said.

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