Fitch upgrades Doğan

ISTANBUL

International rating agency Fitch has changed its outlook on the Doğan Media Group to positive from stable, keeping the company’s rating grade at B+. The agency said in a statement on Nov. 15 that the change in outlook was due to the company’s performance in 2012.

The company’s debt will fall in 2013 due to upcoming revenues from the sale of broadcaster Star TV, the agency said, adding that another reason for the upgrade was the high credibility of Doğan’s newspaper Hürriyet and broadcaster Kanal D.

An early payment to the Finance Ministry in September for restructuring debt also paid a role.

This came on the same day that Doğan announced 11 million Turkish Liras in third-quarter profits, in contrast to the 234 million liras in losses in the same period last year.
Fitch upgraded Turkey’s credit rating to “investment” level earlier this month.