Moody's upgrades OYAK

Moody's Investors Service said it upgraded Ordu Yardimlasma Kurumu's (OYAK) long-term corporate family and probability of default ratings to Ba1 from Ba2.

The outlook is stable.

"Our upgrade of OYAK's rating to Ba1 was triggered by the upgrade of the sovereign rating of the Government of Turkey to Ba1 and OYAK's strong fundamental credit profile," Moody's vice president, senior analyst and lead analyst for OYAK Martin Kohlhase said in a news release.

Moody's said it implicitly capped OYAK's rating at the same level as that of the rating of the Government of Turkey.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.