Fitch: Antalya view to negative

Fitch Ratings said it revised the outlook on the Metropolitan Municipality of Antalya to negative from stable and affirmed its long-term foreign- and local-currency issuer default ratings at BB+.

Fitch also said it affirmed the national long-term rating at AA+(tur), along with the short-term foreign- and local-currency issuer default ratings at B.

The negative outlook reflects Antalya's expected high capital expenditure and weaker-than-expected budgetary performance, Fitch said.

This was caused by a deteriorating current balance in light of the weakening national- and local-economic performance, the agency said.

The negative view also considers the increasing interest costs and an induced rise in capital expenditure, leading to a large budgetary deficit before financing, Fitch said.

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