After completing its yearly assessment of Doğan Yayın Holding, Fitch, a leading credit rating institution, has maintained Dogan’s B+ rating and has indicated that the rating will be upgraded to Positive in 2013.
Fitch changed Doğan Yayın Holding’s outlook from Stable to Positive, thanks to Dogan’s 2012 performance.
In a summary issued by Fitch, it was stated that Dogan’s debt will decrease in 2013 due to the inclusion of the Star TV share sales revenues. Furthermore, Fitch expects an improvement in the performance of the 2013 D-Smart digital platform.
Fitch indicated that it may make an interim assessment and further upgrade Doğan Yayın Holding’s credit rating in the case that these expectations materialize.
The factors contributing to Doğan Yayın Holding’s positive credit outlook include the performance improvement of its publishing entities, the high credit valuations of Hürriyet and Kanal D (both affiliates of the Holding) and the fact that Doğan Yayın Holding has no tax debt, thanks to an early payment to the Ministry of Finance this past September.