ANKARA - Fitch Ratings has today assigned Troy Capital S.A.'s EUR200 million 9.5% coupon paying guaranteed loan participation notes ("LPNs") maturing in 2011 a final senior unsecured 'B+' rating.
This rating action follows a review of the final terms and conditions conforming to information already received when Fitch assigned the expected rating of 'B+' on 24 July 2006, as well as receipt of satisfactory legal opinions.
Troy Capital has the sole purpose of using the LPN proceeds to finance a loan to Turkish-based Yasar Holding A.S. ("Yasar") as evidenced by a loan agreement, the rights and benefits of which are charged to the benefit of LPN noteholders (through the note trustee). The 'B+' rating of the LPNs is in line with Yasar's foreign currency and local currency Issuer Default ratings, both 'B+', published on 29 June 2006. An initial seven of Yasar's subsidiaries guarantee its obligations in respect of the loan, on an unconditional, irrevocably joint and several basis.