May 3 (SeeNews) - Moody's Investors Service said it has withdrawn the B2 corporate family rating (CFR) and the B2-PD probability of default rating (PDR) for Turkish electronics manufacturer Vestel Elektronik Sanayi Ve Ticaret [BIST:VESTL] for business reasons.
Moody's has also withdrawn the issuer rating for Vestel Elektronik's subsidiary Vestel Electronics Finance Ltd, the ratings agency said in a statement on Thursday.
Moody's also said in the statement:
"RATINGS RATIONALE
Moody's has withdrawn the rating for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.
Moody's last rating action on Vestel was on 22 June 2012 when the rating agency upgraded Vestel's CFR to B2 from B3 and the PDR to B2-PD from B3-PD as well as the issuer rating on Vestel Electronics Finance Ltd. and changed the outlook to stable from positive.
Vestel Elektronik Sanayi Ve Ticaret A.S. ("Vestel") is a publicly listed Turkish manufacturing company. Vestel is one of the leading original design manufacturer (ODM)/original equipment manufacturer (OEM) of TVs, white goods and digital products both in Turkey and in Europe. Vestel has production facilities in Izmir, Turkey, and Vladimir, Russia. The company's revenues are mainly driven by its exports (72% of revenues in 2012) to Europe, the Commonwealth of Independent States (CIS), the Middle East and Africa."