Fitch downgrades Izmir

Fitch Ratings said it downgraded the Metropolitan Municipality of Izmir's long-term foreign-currency issuer default rating to BB+ from BBB-.

The outlook is stable.

Fitch also said it affirmed Izmir's long-term local-currency issuer default rating at BBB- and revised its outlook to stable from negative.

The agency also said it affirmed the company’s national long-term rating at AA+(tur) with stable outlook.

Under European Union credit rating agency regulation, the publication of international public finance reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for credit rating agencies to deviate to comply with their legal obligations, Fitch explained.

Fitch said it interprets this provision as allowing the publication of a rating review in situations in which there is a material change in the creditworthiness of the issuer that makes it inappropriate to wait until the next scheduled review date.

In this case, the deviation was caused by a similar rating action on Turkey's sovereign ratings, the agency said.

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