Fitch affirms Istanbul at 'BB-'

Fitch affirms Istanbul at
# 04 April 2020 13:50 (UTC +04:00)

Fitch Ratings has affirmed Istanbul Metropolitan Municipality's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ' BB- ' with Stable Outlooks, APA-Economics reports citing Fitch Ratings.

The affirmation reflects Fitch's expectations that Istanbul's credit metrics will remain robust, although its operating performance may be depressed by rising costs due to the coronavirus pandemic.

In addition, Istanbul's diversified tax revenue base leads to low volatility. This makes it resilient to economic downturns, which we expect to continue over the forecast horizon 2020-2024.

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