Fitch rates Istanbul bond B+

Fitch Ratings said it assigned Istanbul Metropolitan Municipality's upcoming issue of senior unsecured notes an expected long-term rating of B+. The $305 million fixed-rate bond will have a tenor of five years.

“The proposed bond will represent a direct, unconditional, unsubordinated and unsecured obligation of Istanbul and will rank pari passu with all of its present and future unsecured and unsubordinated obligations, which are rated in line with Istanbul's B+ long-term foreign-currency issuer default rating (IDR),”Fitch said in a press release.

The proceeds will be used to finance two of Istanbul's metro projects.

The outlook is negative.

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