Fitch drops Yuksel Insaat

Fitch Ratings said it downgraded Yuksel Insaat AS's long-term foreign currency issuer default rating and senior unsecured rating to B- from B and placed all ratings on rating watch negative.

The agency said it has also downgraded Yuksel Insaat's $200 million of outstanding notes maturing in 2015 to B- from B rating with a recovery rating of RR4 and placed the rating on watch.

According to Fitch, the downgrade reflects the increase in group leverage to more than 4.0x Fitch adjusted gross debt/EBITDAR, which caused the company to exceed the 4:1 leverage bond covenant at the end of 2011.

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