International rating agency Moody's has increased the corporate family rating and the national scale rating of Turkey's largest steelmaking group Eregli Demir ve Celik Fabrikalari TAS' (Erdemir) to B1 and Baa2.tr respectively. The rating agency also updated the outlook as "stable".
Moody's stated that the ongoing improvements in Erdemir's operating performance and the company's market shares of around 36 percent in the Turkish flat steel market and five percent in the long steel market contributed to the increase in the credit rating.