Fitch affirms Istanbul

Fitch Ratings said it affirmed the Metropolitan Municipality of Istanbul's ratings at long-term foreign- and local-currency BB- and short-term foreign-currency B.

The outlook is stable.

The ratings reflect Istanbul's ongoing strong operating performance, spending flexibility and stronger-than-national average socio-economic profile, Fitch said.

The ratings also consider the municipality's limited revenue flexibility and considerable indirect risk stemming from municipal companies and entities, the agency said.

The ratings and outlook are in line with those of the Republic of Turkey (BB-/B/stable outlook).

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