Fitch rates Yasar Holding notes B+

Fitch Ratings said it assigned Troy Capital SA's €200 million 9½% guaranteed loan participation notes maturing in 2011 a final senior unsecured B+ rating.

This follows a review of the final terms and conditions conforming to information already received when Fitch assigned the expected rating of B+ on July 24 as well as receipt of satisfactory legal opinions.

Troy Capital has the sole purpose of using the loan participation note proceeds to finance a loan to Turkish-based Yasar Holding AS as evidenced by a loan agreement, the rights and benefits of which are charged to the benefit of loan participation noteholders, through the note trustee.

Fitch said the B+ rating is in line with Yasar's foreign currency and local currency issuer default ratings, both B+, published on June 29.

Proceeds from the loan participation notes are being used primarily to refinance debt within the Yasar group of companies.

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