S&P upgrades OYAK to BB

Standard & Poor's said it raised to BB from BB- its long-term corporate credit rating on OYAK, or Ordu Yardimlasma Kurumu, reflecting an improved financial risk profile and a slightly improved group business risk assessment. The agency also assigned a trAA long-term and trA-1 short-term national scale rating.

The outlook is stable.

The ratings are based on OYAK's large and diverse equity holdings portfolio, which spans power, cement manufacturing, auto manufacturing and distribution and financial services, the agency said, and offers substantial complementarities and synergies.

The ratings are constrained by the group's heavy exposure to the Turkish economy and associated country risks, S&P added.

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