Fitch affirms Is Real Estate

Fitch Ratings said it affirmed Is Real Estate Investment Co.'s national long-term rating at AA+(tur).

The outlook is stable.

The ratings reflect a view of the strong rating linkage between the company and its parent, due to Turkiye Is Bankasi AS's controlling 42% stake, Fitch said.

The rating also reflects IS Real Estate's sustained healthy and stable rental revenues in a difficult domestic economy in 2009, its capacity to generate free cash flow and a healthy net cash position at the end of 2009, the agency said.

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