S&P upgrades OYAK

Standard & Poor's said it raised the long-term corporate credit rating on OYAK (Ordu Yardimlasma Kurumu) to BBB- from BB+, along with its short-term corporate credit rating to A-3 from B.

The agency also said it raised the long-term Turkish national scale rating on OYAK to trAAA from trAA+ and affirmed the short-term Turkish national scale rating at trA-1.

The outlook is stable.

The ratings reflect OYAK's continuing track record of negligible gross debt, conservative financial policy and substantial cash balances, S&P said.

Improved domestic macroeconomic conditions - as shown by the upgrade of the Republic of Turkey's sovereign credit rating - are a supporting feature, the agency said.

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