Moody's rates Izmir Ba2

Moody's Investors Service said it assigned global scale, local- and foreign-currency issuer ratings of Ba2 and a Turkey national scale rating of A3.tr to the metropolitan municipality of Izmir.

The outlook is stable.

The ratings reflect its strong operating finances and good controls on debt, Moody's said.

Growing shared taxes, which make of the bulk of revenues, and good expenditure controls have produced an average surplus of 49% of operating income in 2005 through 2009, the agency said.

The agency said it expect Izmir to continue its conservative financial management during the projected uptake in its investment activity.

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