Turkish Appliance Manufacturer Vestel Outlook To Positive On Potential For Improved Liquidity; 'B-' Rating Affirmed

1451 word report published Jan 20, 2012

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Abstract:

The operating performance of Vestel Elektronik Sanayi Ve Ticaret A.S. improved in 2011. We believe Vestel should be able to generate positive discretionary cash flow in 2012. We are revising our outlook on Vestel to positive from stable and affirming our 'B-' ratings. The positive outlook reflects the likelihood of an upgrade if, as we anticipate, Vestel's liquidity position strengthens. MOSCOW (Standard&Poor's) Jan. 20, 2012--Standard&Poor's Ratings Services said today it revised its outlook on Turkish home appliance and electronics manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. (Vestel) to positive from stable. The 'B-' long-term corporate credit rating on Vestel was affirmed. At the same time, we affirmed our 'B-' issue rating on the $225 million notes,

Brief Excerpt:

RESEARCH Ratings Definitions PDF Turkish Appliance Manufacturer Vestel Outlook To Positive On Potential For Improved Liquidity; 'B-' Rating Affirmed Publication date: 20-Jan-2012 Primary Credit Analyst: Alexander Griaznov, Moscow...

Report Type:

Ratings Action

Ticker:

VESTL@TI

Issuer:

Vestel Elektronik Sanayi Ve Ticaret A.S.

Sector:

Global Issuers

Country:

Turkey

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Vestel Elektronik Sanayi Ve Ticaret A.S. $400.00
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Summary: Vestel Elektronik Sanayi Ve Ticaret A.S. $175.00
The ratings on Turkey-based brown and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. reflect what Standard&Poor's Ratings Services sees as Vestel's high reliance on short-term funding; high leverage and looming debt maturities; ...
Research Update: Turkish Appliance Manufacturer Vestel Outlook To Positive On Potential For Improved Liquidity; 'B-' Rating Affirmed $175.00
The operating performance of Vestel Elektronik Sanayi Ve Ticaret A.S. improved in 2011. We believe Vestel should be able to generate positive discretionary cash flow in 2012. We are revising our outlook on Vestel to positive from stable and ...
Vestel Elektronik Sanayi Ve Ticaret A.S. $400.00
Efficient and flexible operations. Demonstrated shareholder support. Gradually rising shares in the European and Turkish liquid crystal display (LCD) TV markets. Sustained positions in the Turkish white goods market. A highly competitive, fast-changing ...
Summary: Vestel Elektronik Sanayi Ve Ticaret A.S. $175.00
The ratings on Turkey-based brown and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. reflect what Standard&Poor's Ratings Services sees as Vestel's high reliance on various forms of short-term funding; its high leverage and ...
Summary: Vestel Elektronik Sanayi Ve Ticaret A.S. $175.00
The ratings on Turkey-based brown and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. reflect what we see as Vestel's high reliance on various forms of short-term funding; its high leverage; volatile operating performance, ...
Vestel Elektronik Sanayi Ve Ticaret A.S. $400.00
Efficient and flexible operations. Demonstrated shareholder support. Gradually rising share of the European and Turkish LCD TV markets and sustained positions in Turkish white goods market. Highly competitive, fast-changing market, particularly ...
Summary: Vestel Elektronik Sanayi Ve Ticaret A.S. $175.00
The ratings on Turkey-based brown and white goods manufacturer Vestel Elektronik Sanayi Ve Ticaret A.S. reflect what we see as Vestel's high reliance on various forms of short-term funding; its high leverage; volatile operating performance, ...

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