Fitch upgrades Turkish corporates on sovereign rating action

On 9 February 2004 Fitch upgraded the Republic of Turkey’s Long-term foreign currency and local currency ratings to ‘B+’ from ‘B’. The Outlooks for both ratings are Stable. As a result, the Long-term foreign currency ratings of the Turkish corporates listed below (except Tupras) have been upgraded one notch, mirroring the Turkish sovereign action. Following the upgrade, the Outlook on the Long-term foreign currency ratings for Turkish corporates is now Stable. The majority Long-term foreign currency ratings of the Turkish corporates continue to be constrained by the sovereign Long-term foreign currency ‘B+’ rating. Most of the companies’ Long-term local currency ratings have been affirmed while one company’s Long-term local currency rating has been upgraded. The corporate ratings are as follows:

Anadolu Efes Beverage

Long-term foreign currency (LTFC) rating upgraded to ‘B+’ from ‘B’; Outlook changed to Stable from Positive Long-term local currency (LTLC) rating affirmed at ‘BB’; Outlook remains Stable

Dogus Holding A.S

LTFC upgraded to ‘B+’ from ‘B; Outlook changed to Stable from Positive LTLC upgraded to ‘B+’ from ‘B; Outlook changed to Stable from Positive

Habas Sinai ve Tibbi Gazlar Istihsal Endustrisi A.S.

LTFC upgraded to ‘B+’ from ‘B’; Outlook changed to Stable from Positive LTFC affirmed at ‘B+’; Outlook remains Stable

Hurriyet Gazetecilik ve Matbaacilik A.S.

LTFC upgraded to ‘B+’ from ‘B’; Outlook changed to Stable from Positive LTLC affirmed at ‘B+’; Outlook remains Positive

Turkcell Iletisim Hizmetleri A.S.

LTFC upgraded to ‘B+’ from ‘B’; Outlook changed to Stable from Positive LTLC affirmed at ‘B+’; Outlook remains Positive

Cellco Finance N.V

USD400 million 12.75% senior unsecured notes due 2005 upgraded to ‘B+’ from ‘B’

Tupras

Rating Watch of Tupras’ LTFC ‘B’ rating changed to Evolving from Negative Rating Watch Negative on LTLC ‘BB+’ rating remains (*) The agency will issue a separate Press Release on Tupras shortly

Vestel Elektronik Sanayi ve Ticaret A.S

LTFC upgraded to ‘B+’ from ‘B’; Outlook changed to Stable from Positive LTLC affirmed at ‘BB-‘ (BB minus); Outlook remains Stable

Vestel Electronics Finance Ltd USD200m 11.5% notes due 14 May 2007 upgraded to ‘B+’ from ‘B’.

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