Fitch affirms Izmir

Fitch Ratings said it affirmed the Turkish metropolitan municipality of Izmir's long-term foreign- and local-currency ratings at BB- and its national long-term rating at AA-(tur).

The outlook is stable.

The ratings reflect above-average wealth indicators, moderate borrowing and financial flexibility, Moody's said, but also high capital spending requirements and significant overall risk.

The city's economy, which is focused on foreign trade and tourism, has likely been affected by the current global economic downturn, the agency said.

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