Fitch affirms Vestel

Fitch Ratings said it affirmed Vestel Elektronik Sanayi ve Ticaret AS's foreign and local currency issuer default ratings at BB- with stable outlooks.

The ratings reflect Vestel's sustained sound position in the European television market and growing revenues from both branded and private label products, Fitch noted.

The agency said that they also reflect the company's expansion in the relatively higher-margin white goods segment both in Turkey and Russia as well as sustained geographical sales diversification.

The company continues to face pricing and margin pressure in the conventional televisions and electronic consumer goods segments, continued capital expenditure and working capital requirements, the agency added.

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