S&P puts MNG Airlines on watch

Standard & Poor's said it placed its B- long-term corporate credit rating on Turkey-based air-freight specialist MNG Airlines Inc. on CreditWatch with negative implications, given the lack of clarity over the group's current financial position and business strategy.

"The CreditWatch placement reflects a significant risk relating to the lack of information on a number of issues, including the presentation of full-year 2003 annual accounts, trading information during 2004, the group's current financial position, and future business strategy," said S&P credit analyst Leigh Bailey.

Furthermore, S&P noted that the financial statements for the full year to Dec. 31, 2003 contained an auditor's comment that the financial statements did not present fairly, in all material aspects, the financial position of the company. This is due principally to the nonconsolidation of the company's 51% ownership in MNG Teknik Ucak Bakim Hizmetleri AS and MNG Kargo Ekspres Yurtici ve Tasimacilik AS.

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