Turkey: Fitch upgrades Anadolu Efes’ long-term foreign currency rating. Fitch Ratings upgraded the Republic of Turkey's Long-term foreign currency and local currency ratings to 'BB-' from 'B+'. As a result it has upgraded and affirmed its ratings on a number of Turkish industrial and commercial companies including Anadolu Efes. “Therefore our Long-term local currency rating was affirmed at 'BB+', and our Long-term foreign currency rating was upgraded to 'BB-' from ‘B+’. Our Long-term local currency rating outlook remains Stable and our Long-term foreign currency rating outlook is changed to Stable from Positive. Our Long-term local currency rating is two notches above the sovereign rating and is one of the highest among the public ratings by Turkish corporations, whereas our Long-term foreign currency rating is capped by the sovereign rating of Turkey. Separately, our assigned national rating is ‘AA (tur)’, which is also one of the highest among the public ratings by Turkish corporations,” the company said.

30 January, 2005