S&P upgrades Erdemir’s credit rating, confirms outlook as ‘stable’

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.