Moody's upgrades Istanbul, Toki

Moody's Investors Service said it upgraded the issuer rating of Istanbul Metropolitan Municipality to Ba2 from Ba3, along with the issuer ratings of Turkey's Housing Development Administration (Toplu Konut Idaresi Baskanligi (Toki)) to Ba2/A3.tr from Ba3/Baa1.tr.

The outlook is stable.

The upgrade follows the upgrade of Turkey's sovereign rating to Ba2, which impacts the ratings of both Istanbul and Toki, Moody's said.

Istanbul's rating continues to reflect its active fiscal management and some fiscal flexibility, mainly on the capital side of its budget, the agency said.

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