Fitch lowers Dogus Otomotiv

Fitch Ratings said it downgraded Dogus Otomotiv Servis ve Ticaret AS's national long-term rating to BB+(tur) from BBB+(tur).

The outlook is negative.

The downgrades reflect Dogus's heightened liquidity and medium-term refinancing risks amid ongoing market volatility and currency weakness, coupled with an expectation that the operating environment in Turkey will not improve in the near term, Moody's said.

Further, Dogus is facing sharply lower Turkish new car sales in the year-to-date, the agency said.

This will result in Dogus's credit metrics and liquidity profile being inconsistent with the previous BBB+(tur) rating, Moody's said. The ratings also consider Dogus's strong business profile and established nature of the company's operations, the agency said.

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