Fitch rates Yuksel Insaat notes B

Fitch Ratings said it assigned Yuksel Insaat AS a foreign-currency senior unsecured rating of B and a recovery rating of RR4, along with its planned 2015 dollar-denominated senior notes an expected senior unsecured B rating and a recovery rating of RR4.

The proceeds will be used to repay existing debt and for general corporate purposes, the agency said.

The planned 2015 notes will be senior unsecured obligations of Yuksel and will rank equally with all other senior unsecured obligations, the agency said.

The company's current debt is mainly composed of secured project financing and a revolving credit of short-term maturity, Fitch said.

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