Moody's rates Yuksel Insaat notes B1

Moody's Investors Service said it assigned a provisional B1 (LGD 4, 50%) rating to the proposed senior unsecured five-year notes to be issued by Yuksel Insaat SA.

The company was recently assigned a B1 corporate family and probability of default ratings.

The notes will be used are to refinance Yuksel's mainly secured, short term bank debt and for general corporate purposes, Moody's said.

The notes will be guaranteed on a pari passu basis by Yuksel's subsidiaries in the construction business, except Fiba Yuksel, the agency said.

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