Fitch affirms Yasar

Fitch Ratings said it affirmed Yasar Holding AS's long-term foreign- and local-currency issuer default ratings at B and its national long-term rating at BBB-(tur). Fitch also said it affirmed financing subsidiary Troy Capital SA's €200 million of senior unsecured notes at B with recovery rating of RR4.

The outlook is negative.

These notes benefit from upstream guarantees from seven of Yasar's subsidiaries, including five of its six Istanbul-listed subsidiaries and therefore rank equally with unsecured debt at the group's subsidiaries.

The affirmations reflect Yasar's diverse range of products in food, beverages and paint, Fitch said, and strong market shares within particular product categories.

These factors are balanced against the challenges of managing a widely diversified holding company, growing competition from other branded and private label products, the agency said, and Yasar's uneven operating performance.

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