Fitch upgrades credit ratings of 8 metropolitan municipalities and the Turkey Wealth Fund
International credit rating agency Fitch has upgraded the long-term issuer default ratings of eight metropolitan municipalities in Turkey and the Turkey Wealth Fund from "B+" to "BB-."
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A new addition has been made to the recent wave of credit rating upgrades.
According to the statement released by the international credit rating agency Fitch, the long-term foreign and local currency issuer default ratings (IDR) of the Ankara, Antalya, Bursa, Istanbul, Izmir, Manisa, Mersin, and Mugla Metropolitan Municipalities have been raised from "B+" to "BB-."
The outlook for the credit ratings was set as "stable." Fitch also upgraded Istanbul's senior unsecured rating from "B+" to "BB-."
Fitch further upgraded the long-term foreign and local currency issuer default ratings (IDR) of the Turkey Wealth Fund (TVF) from "B+" to "BB-" with a "stable" outlook.