Moody's rates Dogus Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating to Turkey-based Dogus Holding AS. The outlook is stable.

Moody's said the rating is supported by the group's 31.7% ownership of Turkiye Garanti Bankasi AS, the strong macro-economic environment in Turkey, the gradual improvement in corporate profits and the group's solid balance sheet.

The rating is constrained by the company's a high exposure to economic cycles in Turkey, the agency said.

The croup's liquidity is expected to be very strong following its recent divestment of a stake in Garanti Bank to GE Consumer Finance, for which the proceeds were received in December, and the divestment of its Tansas retail business, for which the bulk of proceeds were received in November.

Moody's said the corporate group (excluding the banking and finance segment) expects to report liquid assets of $1.2 billion at the end of 2005, versus gross debt of $500 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.