S&P lowers Vestel outlook to stable

Standard & Poor's said it revised to stable from positive its outlook on Vestel Elektronik Sanayi Ve Ticaret A.S., reflecting pressures on revenues and margins.

The B+ long-term corporate credit rating on Vestel was affirmed, the agency said, noting that the ratings on Vestel remain primarily constrained by the volatile Turkish macroeconomic environment and resulting currency swings, the company's significant debt burden and the highly competitive nature of its end-markets.

The group's cost-efficient manufacturing continues to support the rating. Vestel derived 76% of revenues from exports in the 12 months ended March 31, S&P added.

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