Credit Institutions Increase Credit Rating of Istanbul

The credit rating of the Istanbul Metropolitan Municipality (IMM) was increased by the worldwide known credit rating institutions to 'BB+' from 'BB-'; off RWP; and was assigned Stable Outlook.

After being rated as Rating Watch Positive (RWP) following the agency's sovereign rating action beginning on September 18, 2009 by the Moody's Investors Service, one of the worldwide known credit rating institutions, Fitch Ratings, which has increased the credit rating of the Republic of Turkey by two levels on December 3, 2009, made changes in the same way by taking into consideration the importance and position of the Istanbul Metropolitan Municipality within the country.

Fitch Ratings issued the following press release:

"Fitch Ratings has today placed the Istanbul Metropolitan Municipality's (Istanbul) rating on Rating Watch Positive (RWP) to 'BB+' from 'BB-'; off RWP;and was assigned Stable Outlook. Istanbul, with more than 12.5 million inhabitants, plays a key role in Turkey's economy, as it is the country's main financial and commercial center. The metropolitan municipality's responsibilities are focused on investments, primarily in infrastructure and the provision of municipal services, such as public transport and water. Its main source of revenue is through taxes collected by the central government and shared among the metropolitan municipalities."

Source: http://www.ibb.gov.tr/en-US/Pages/Haber.aspx?NewsID=250