Fitch lifts Istanbul

Fitch Ratings said it upgraded the Municipality of Metropolitan Istanbul's long-term foreign and local currency ratings to BB-. Following this upgrade, the outlook is now stable.

This follows Fitch's recent rating action on the Turkish sovereign rating, in which the long-term foreign and local currency ratings were upgraded to BB-.

Fitch said Istanbul has a key role in Turkey's economy as its gross domestic product makes up close to 21% of the national total and accounts for around 40% of national tax collection.

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