Fitch cuts Profilo Telra view to negative

Fitch Ratings said it changed Profilo Telra Elektronik Sanayi ve Ticaret AS's outlooks on its local- and foreign-currency issuer default ratings and national long-term rating to negative from stable. Its local- and foreign-currency issuer default ratings are affirmed at B and national long-term rating is affirmed at BBB+(tur). HD Capital SA's foreign-currency senior unsecured rating of B also is affirmed.

The outlook change reflects Fitch's concerns about the lack of timeliness of Profilo Telra's financial disclosure and therefore non-compliance with certain terms and conditions in the documentation for its loan participation notes. Fitch said it expects to meet with Profilo's management in the coming weeks.

For the outlook to return to stable, Profilo Telra will need to demonstrate that it has resolved the issues causing delays in its financial reporting and that it is able to meet reporting deadlines, including those relating to interim financial statements, the agency said.

© 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.