S&P lifts OYAK

Standard & Poor's said it raised the long-term corporate credit rating on Ordu Yardimlasma Kurumu to BB+ from BB and affirmed its B short-term corporate credit rating.

The outlook remains stable.

S&P raised the long-term Turkish national scale rating to trAA+ from trAA and affirmed the short-term Turkish national scale rating at trA-1.

"The rating actions follow a review and reflect OYAK's continuing track record of nil net debt, conservative financial policy and substantial and increasing cash balances," S&P analyst Stuart Clements said in a statement.

The upgrade also follows an improvement in the Republic of Turkey's sovereign credit rating, which acts as a constraining factor on our rating on OYAK, the agency noted.

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