International credit ratings agency Standard & Poor's has announced that it has raised its long-term credit rating on Turkish integrated steelmaker
Erdemir Gorup to 'BB-' from 'B+', with a stable outlook.
S&P said that the upgrade reflects
Erdemir's strong operating performance and deleveraging in 2014 and 2015.
Erdemir continues to benefit from the Turkish flat steel industry's supportive supply and demand balance, high capacity utilization rates, and a leading domestic market position.
The stable outlook reflects S&P's expectation that
Erdemir will continue to perform above the industry average, supported by its strong domestic market position.