Fitch lowers Yasar to A-(tur)

Fitch Ratings said it changed the outlook on Yasar Holding AS to negative from stable and downgraded the national long-term issuer default rating to A-(tur) from A+(tur).

The agency also affirmed the long-term foreign- and local-currency issuer default ratings at B+ and Troy Capital SA's €200 million foreign-currency long-term unsecured notes at B+/RR4.

The negative outlook and downgrade reflect weaker-than-expected operating performance since the national long-term issuer default rating was assigned in June 2006 and moderately constrained liquidity over the near term, Fitch said.

The affirmations reflect Yasar's diverse range of products in food, beverages and paint, as well as strong market shares within particular product categories in Turkey, the agency said, adding that the company enhanced its financial profile with a major refinancing completed in 2006.

The adjusted net debt-to-EBITDAR ratio was 4.4x for 2006.

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