Fitch affirms Emlak Konut

Fitch Ratings said it affirmed Emlak Konut Gayrimenkul Yatirim Ortakligi AS' long-term foreign and local issuer default ratings at BB.

The outlooks are negative, reflecting that of Turkey's sovereign rating of BB, the agency said.

“The affirmation reflects Emlak's unique revenue-sharing model (RSM), which generates guaranteed income and a share of upside gains, and passes nearly all design, building, financing and marketing risks to developers,” Fitch said in a news release.

“Emlak holds a competitive advantage owing to its close links to its controlling shareholder, Turkey's Housing Development Administration (TOKI).

“Other credit strengths include a significant land bank, largely in Istanbul, as well as sound financials.”

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