S&P raises Vestel long-term rating

Standard & Poor's said it raised its long-term corporate credit rating on Vestel Elektronik Sanayi Ve Ticaret AS (Vestel), a Turkish integrated, low-cost consumer-electronics manufacturer, to B from B-.

The outlook is positive.

"The rating action reflects Vestel's markedly higher headroom under the financial covenants of its public debt indentures at end-June 2004, and our expectation that this headroom will remain adequate in the medium term," said Benedetta Rospigliosi, an S&P credit analyst. "It also reflects Vestel's improving operating profile and a more stable currency environment, both translating into higher visibility on the company's financial performance."

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