Fitch rates Istanbul notes BB-

Fitch Ratings said it assigned Istanbul Metropolitan Municipality’s upcoming bond issuance senior unsecured notes an expected long-term rating of BB-. The offering will be up to $700 million of notes and a single tranche with a five-year maturity.

The notes will represent a direct, unconditional, unsubordinated and unsecured obligation of Istanbul and will rank equally with all of its other unsecured and unsubordinated obligations, and are rated in line with Istanbul’s long-term foreign-currency issuer default rating of BB-, Fitch said.

The proceeds will be used to refinance the construction of five metro lines.

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