OREANDA-NEWS. Fitch Ratings has today assigned Derindere Turizm Otomotiv Sanayi ve Ticaret A.S. (Derindere) a Long-Term Issuer Default Ratings (IDR) of 'B'. The Outlook on the Long-Term IDR is Stable.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The rating drivers for Derindere's Long-Term IDR are identical to the rating drivers for Derindere's National Long-Term rating (affirmed on 15 September 2015; see 'Fitch Affirms Derindere at 'BBB(tur)'; Outlook Stable' on www.fitchratings.com). They include its established and leading local franchise, sound asset quality and improving capitalisation. Derindere's ratings also reflect sizeable exposure to foreign exchange (FX) and debt rollover risks.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT
An extended track record of solid operating performance, consistently well-controlled leverage and proven ability to withstand FX shocks could lead to an upgrade of Derindere's Long-Term IDR.

A sizeable deterioration of company's capital position or material weakening of its franchise would trigger a downgrade.