Moody's ups Erdemir view to stable

Moody's Investors Service said it affirmed Erdemir's B2 corporate family rating and Baa3.tr national scale ratings.

The outlook was revised to stable from negative.

The change in outlook has been prompted by the strong improvement in Erdemir's performance, which has allowed the credit metrics to strengthen against a backdrop of slow economic recovery, Moody's said.

The agency also said the successful refinancing of a major part of its short-term debt into long-term committed debt has improved Erdemir's liquidity profile, the agency said.

Erdemir's profitability has recovered in the last three quarters from the weak results in 2009, Moody's said.

Although the second half of 2010 might perform slightly weaker, Moody's said it still expects Erdemir's full year results and leverage ratios to be at the upper end of the range required for the B2 rating category.

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