Fitch drops Profilo

Fitch Ratings said it downgraded Profilo Telra Elektronik Sanayi ve Ticaret AS's ratings as follows: long-term foreign currency issuer default rating, downgraded to CC from CCC, long-term local currency issuer default rating, downgraded to CC from CCC, and national long-term rating, downgraded to B-(tur) from BB(tur).

The agency said that all ratings remain on rating watch negative.

Fitch added that it downgraded HD Capital SA's senior unsecured rating to CC/RR4 from CCC/RR4.

The downgrade of Profilo's ratings reflects Fitch's continued concerns regarding Profilo's performance and liquidity.

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