Moody's: Vestel to positive

Moody's Investors Service said it changed Vestel Elektronik Sanayi ve Ticaret AS's outlook to positive from negative.

The agency also said it affirmed the company's B3 corporate family and probability of default ratings, along with the B3 rating on the $225 million 8¾% guaranteed notes due 2012.

The outlook revision reflects the possibility that Moody's could reposition Vestel's rating in a higher category over the coming 12 to 18 months if the company strengthens its liquidity profile following the redemption of the outstanding notes in May this year.

Following buy-backs in 2011, the remaining outstanding amount of the $225 million notes amounts to $99 million, which the company is expected to meet through cash on hand and working capital releases over the course of the first months of 2012, the agency said.

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