Moody's cuts Yuksel

Moody's Investors Service said it downgraded to B3 from B2 the corporate family and probability of default ratings of Yuksel Insaat SA.

Concurrently, Moody's has also downgraded to B3 from B2 the debt instrument rating on the company's $200 million of notes due 2015.

The agency said it placed its ratings on review for further downgrade.

Moody's said it downgraded the ratings becuase Yuksel's liquidity remains weak and susceptible to uncertainties with regards to the timing and size of further cash inflows that could significantly bolster the company's cash position.

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