Fitch: Arcelik view to positive

Fitch Ratings said it revised the outlook on Arcelik AS's long-term issuer default ratings to positive from negative and affirmed its long-term foreign- and local-currency issuer default rating at BB-, national long-term rating at AA-(tur). The outlook on its national rating is revised to stable from negative.

The outlook revisions reflect the significant improvement in the company's operating and financial profile in 2009 despite the economic downturns in most of Arcelik's export markets, Fitch said.

The company also has deleveraged significantly from peak leverage of 5.1x in 2008 to a moderate 2x on an annualized basis in a challenging market environment and amid weak consumer confidence, the agency added.

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