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Fitch changes Yasar view
Fitch Ratings said it revised the outlook on Yasar Holding AS' long-term foreign- and local-currency issuer default ratings to negative from stable and affirmed the issuer default ratings at B-.
The negative outlook reflects Fitch's view of refinancing risk in light of the upcoming maturity of Yasar's $250 million eurobond in May 2020 due to diminishing appetite for Turkey risk and heightened by the company's high leverage, weak free cash flow generation and the continued challenging consumer spending environment in Turkey, Fitch said.
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