Moody's cuts Yuksel Insaat

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Yuksel Insaat SA to B2 from B1.

Moody's also downgraded the debt instrument rating on Yuksel's $200 million of notes due 2015 to B2 from B1.

The outlook remains negative.

"We have downgraded the ratings for Yuksel to B2 after Yuksel exceeded a debt incurrence covenant, set at 4x debt/EBITDA against a reported metric of 4.9x, which has resulted in the company now having limited operating and financial flexibility," Moody's vice president, senior analyst and lead analyst for Yuksel Martin Kohlhase said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.