Fitch rates Profilo Telra note B

Fitch Ratings said it assigned a B foreign-currency issuer default rating to Turkey-based Profilo Telra Elektronik Sanayi ve Ticaret AS and an expected B rating with a recovery rating of RR4 to HD Capital SA's prospective €100 million fixed-rate guaranteed loan participation notes.

The agency also affirmed Profilo Telra's B local-currency issuer default rating and BBB+(tur) national long-term rating.

The outlook is stable.

HD Capital has the sole purpose of using the proceeds from the notes to finance a loan to Profilo Telra, and the expected rating is in line with Profilo Telra's foreign-currency issuer default rating. The notes will constitute direct, unsecured and unconditional obligations of Profilo Telra and will rank equally with all other present or future unsecured and unsubordinated obligations of the company, the agency said.

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