Fitch affirms Vestel

Fitch Ratings said it affirmed Vestel Elektronik Sanayi ve Ticaret AS' long-term foreign- and local-currency issuer default ratings at B and the senior unsecured rating of Vestel Electronics Finance Ltd.'s guaranteed $225 million 8¾% notes due in 2012 at B/RR4.

The outlook is stable.

Ratings reflect the recent improvements in Vestel's financial profile, such as improved operating margins and reduced short foreign-currency position, the agency said.

These improvements are counter-balanced by the company's slightly higher total leverage and concerns over its ability to maintain its operating margins and liquidity profile at around the same levels as of the end of the first half, the agency noted.

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