Fitch lowers Dogan Yayin

Fitch Ratings said it downgraded Turkey-based Dogan Yayin Holding's long-term foreign and local currency issuer default ratings to B from B+, respectively.

Both ratings remain on Rating Watch negative.

Fitch has simultaneously downgraded Hurriyet's, Dogan Yayin Holding's newspaper subsidiary, long-term foreign and local currency issuer default rating to B+ from BB-, and both these ratings also remain on Rating Watch negative.

Hurriyet's national long-term rating has been downgraded to A(tur) from AA-(tur) and remains on Rating Watch negative.

The downgrades reflect Dogan TV Holding AS (74.5% owned subsidiary of Dogan Yayin) and related companies' receipt of tax fine notifications of TRY 3.76 billion, equivalent to about $2.5 billion, from the Ministry of Finance regarding their 2005-2007 financial accounts as of September 2009.

© 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.