Fitch cuts Yuksel Insaat

Fitch Ratings said it has downgraded Yuksel Insaat AS' long-term issuer default rating and senior unsecured rating to CC from CCC.

Fitch said it has also downgraded the company's $200 million outstanding notes maturing in 2015 to CC from CCC.

The downgrade reflects uncertainties related to ongoing negotiations with Yuksel Insaat's bondholders, the agency noted.

The downgrade also reflects a probability that the bond restructuring could lead to a material reduction in the contractual terms against the original terms to avoid going into default, the agency said.

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