S&P ups Dogus ratings

Standard & Poor's said it removed its B-/C counterparty credit ratings on Dogus Holding AS from CreditWatch, where they were placed on Aug. 27. At the same time, the ratings on Dogus Holding were raised to B/B from B-/C.

In addition, S&P raised its long-term counterparty credit ratings on Turkiye Garanti Bankasi AS and Garanti Finansal Kiralama AS to BB- from B+. The B short-term counterparty credit rating on Garanti Leasing has been affirmed. The outlook on the three institutions is stable.

S&P said the rating upgrade of Dogus Holding reflects the group's improved liquidity position and management's commitment to further extend its debt maturity profile and reduce leverage.

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