Fitch revises Istanbul outlook to stable

Fitch Ratings said it revised Istanbul Metropolitan Municipality's outlook to stable from negative and affirmed their long-term foreign- and local-currency issuer default ratings at B.

The revision follows a similar action on Turkey’s outlook on Sept. 8, the agency said.

“The ratings reflect Fitch's unchanged view that Istanbul will maintain a robust operating balance despite high inflation. We forecast debt to rise on large capex and further lira depreciation, but its debt metrics over our rating case will remain commensurate with Istanbul's b+ stand-alone credit profile (SCP) and that of peers in the b category,” the agency said in a press release.

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