Fitch may up Istanbul

Fitch Ratings said it is maintaining Metropolitan Municipality of Istanbul's long-term foreign- and local-currency ratings on Rating Watch positive and affirmed its long-term foreign-currency rating at BB-, long-term local-currency rating at BB, short-term foreign-currency rating at B and national long-term rating at AA+(tur).

The outlook is stable.

The positive watch reflects the ratings of Turkey because Istanbul's ratings move in tandem with the sovereign's due to the city's key role in Turkey's economy as the country's main financial and commercial center, Fitch said.

Istanbul's strong fiscal performance is a credit strength but the ratings are currently constrained by Turkish sovereign's ratings, the agency said.

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