Moody's rates Erdemir

Moody's Investors Service said it assigned a Ba3 corporate family rating with a stable outlook to Eregli Demir ve Celik Fabrikalari (Erdemir), along with a Turkish national scale rating of Baa1.tr.

The ratings reflect the strong market position of Erdemir in Turkey, with a market share of close to 30% in the Turkish flat steel market and its especially strong position in the production of Tin Plate, the agency said.

The rating also reflects Erdemir's low cost production base and strong internal cash generation, which supports its organic expansion program, the agency said.

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