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S&P downgrades Dogus
S&P said it lowered its long-term issuer credit rating on Dogus Holding AS to B+ from BB- and lowered the Turkey national scale ratings to trBBB+/trA-2 from trA/trA-1.
The short-term issuer credit rating remains at B.
S&P also placed all of the ratings on CreditWatch with negative implications.
“We understand Dogus Holding has requested an extension of the maturity dates of some of its loans,” the agency said in a news release.
“We believe this is a result of lower-than-expected returns from some investee companies, and the current market situation in Turkey, which makes it difficult for management to execute asset sales as planned.
“We lowered the ratings because we see a risk that the value of Dogus Holding's portfolio has declined significantly, and that its loan to value (LTV) has increased to more than 30%.”
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