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Moody's ups Erdemir to B1
Moody's Investors Service said it changed the corporate family rating and national scale rating of Turkish steel producer Erdemir to B1 and Baa2.tr, respectively, and changed the outlook to stable.
Moody's said the upgrade was prompted by ongoing improvements in Erdemir's operating performance and credit metrics in 2011 benefiting from strong industrial activities in Turkey and steel prices that increased roughly 32% in Turkish Lira.
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