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Fitch downgrades Oyak
Fitch Ratings said it downgraded the long-term issuer default rating of Ordu Yardimlasma Kurumu (Oyak) to BB from BB+.
The outlook is negative.
The downgrade of the company's ratings follows the downgrade of the Turkey sovereign's long-term issuer default rating to BB- from BB on July 12, as well as the lowering of the country ceiling to BB- from BB+, the agency said.
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