Fitch: Yuksel view to negative

Fitch Ratings said it revised Yuksel Insaat AS's outlook to negative from stable and affirmed its long-term issuer default rating and senior unsecured debt rating at B and recovery rating at RR4.

The affirmation also affects the company's $200 million outstanding notes maturing in 2015.

The change in outlook reflects an expectation that increased debt and revenues /margin pressure will lead to an increase in adjusted group leverage to about 5x in 2011, Fitch said.

The current and projected increase in debt is mainly due to hydro projects investment financing and the expected increase in Gebze/Izmir project equity and upfront cash equity, the agency said.

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