Fitch assigns Izmit B

Fitch Ratings said it assigned Izmit Su ve Kanalizasyon Idaresi long-term foreign and local currency ratings of B.

The outlook is stable.

The ratings are based on Izmit's public sector legal status, the importance to the Metropolitan Municipality of Kocaeli for the provision of water and sewage services and the company's role as a utility service provider, which is a mandatory responsibility of the municipality.

There is strong control from the Metropolitan Municipality on Izmit, which is maintained through close link between the entity and the municipal administration because of Izmit's public-sector status, the agency said.

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