International rating agency Standard & Poor's (S&P) has increased the long-term corporate credit rating of
Turkey's largest
steelmaking group Eregli Demir ve Celik Fabrikalari TAS (
Erdemir) from ‘B-' to ‘B', reflecting
Erdemir's improved financial results in the last 18 months.
S&P also confirmed the outlook of the steelmaker as ‘stable' based on
Erdemir's ability to overcome a less favorable operating environment caused by the uncertain global economic outlook.
Erdemir's new flat steel capacity additions also help to improve its domestic competition.