Fitch rates Erzurum B+

Fitch Ratings said it assigned B+ long-term foreign- and local-currency ratings to the Turkish Metropolitan Municipality of Erzurum.

The outlooks is stable.

Fitch said the ratings reflect Erzurum's below-national average economic profile, the projected rise in capital expenditure primarily in relation to the light railway system and the municipality's limited experience in debt management.

Nevertheless, the ratings also take into account the municipality's good budgetary performance, its debt-free metropolitan administration and the benefits of the national tax revenues redistribution system, the agency said.

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