Moody's rates Yasar B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2 probability of default rating to Yasar Holding AS.

The outlook is stable.

Yasar, through its main brand Pinar, is the Turkish market leader in charcuterie, cheese and milk segments with additional interest in coating, tissues and trade activities, Moody's said.

The agency said the ratings are based on an understanding that the group will issue $200 million to $300 million of loan participation notes of five- to 7-years maturity to refinance part of its existing eurobond, which is due in 2011, along with other short- and long-term debt, Moody's said.

The ratings reflect the group's leading market position in food and beverage sector in Turkey with strong brand equity, moderate real growth prospect in that sector and an expectation of outperformance through investments in capacity for product segments and marketing, Moody's said.

The ratings also reflect potential earnings volatility due to increasing raw material prices, the agency said, and a significant level of competition in the coating business in a challenging operating environment.

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