Moody's: Yuksel to negative

Moody's Investors Service said it affirmed Yuksel Insaat AS's B1 corporate family and probability of default ratings, along with the B1 rating on its $200 million senior notes due in 2015.

The outlook was revised to negative from stable.

The outlook revision reflects concerns over Yuksel's weakening liquidity profile and operational performance in the first half of 2011, Moody's said.

The negative outlook also follows the deterioration of Yuksel's liquidity profile and tighter covenant headroom of 5% as of June 2011, the agency said, along with the more challenging operating environment.

The ratings are underpinned by the company's segment diversity and high order backlog, the agency said.

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