Moody's downgrades Vestel

Moody's Investors Service said it downgraded Vestel Elektronik Sanayi ve Ticaret AS' corporate family and probability-of-default ratings to B3 from B2. The outlook remains negative.

The B3 rating on $225 million 8¾% guaranteed notes due 2012 was affirmed.

Moody's said the action reflects accelerating deterioration in the group's operating environment together with concerns about limited visibility on the outlook for the year 2009, against the challenging macroeconomic backdrop in Vestel's markets.

The agency noted that the depreciation of the Turkish lira against the euro and the dollar should have help Vestel's price competitiveness and EBITDA margins.

© 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.