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 ratings downgraded to C from CC, long-term local currency issuer default rating downgraded to C from CC and national long-term rating downgraded to C(tur) from B-(tur).

All ratings remain on rating watch negative, the agency said.

Fitch said that HD Capital SA's senior unsecured rating isCC/RR4, adding that HD is the issuer of €50 million 10.75% loan participation notes guaranteed by Profilo, issued in December 2006 and maturing in 2011.

The agency added that the downgrades of Profilo's long-term issuer default ratings reflect the non-payment of the €5.375 million bond coupon that was due on Dec. 7.

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