Fitch Ratings has changed the Outlook on Turkish Dogus Holding's foreign and local currency Long-term ratings of B-to Positive from Negative.
This rating action follows the recent change in the rating Outlook of both Turkish sovereign and banks. As of 2002, about 67 percent of Dogus's revenues were accounted by its financial business, of which Turkiye Garanti Bankasi is the main driver. The group has made efforts to diversify its revenue base, and is aiming to further strengthen its non-financial businesses, mainly in food retail, automotive and construction in the next two to three years.
The restructuring exercise of its food retail business activities has almost been completed, creating potential for positive returns in the future. Increased profit and revenue contributions are expected from the group's automotive and construction businesses in financial year 2003. Fitch will publish a detailed report on Dogus after a review of the group in October 2003. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
