Moody's downgrades Yuksel

Moody's Investors Service said it downgraded Yuksel Insaat SA's corporate family rating to Caa1 from B3, along with its probability of default rating to Caa1.

Moody's also said it downgraded the rating on Yuksel's $200 million of notes due 2015 to Caa1 from B3.

All of the ratings remain on review for downgrade.

The primary driver for the downgrade is an assumption that Yuksel's liquidity profile will further deteriorate over the course of 2013, Moody's said.

Despite contemplated near-term measures, Yuksel's liquidity requirements for 2013 will not be covered, the agency said.

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