Company News

9/27/2024

Fitch Upgrades Ratings of 8 Turkish Metropolitan Municipalities and Turkish Wealth Fund

Fitch Ratings has upgraded the Metropolitan Municipalities of Ankara, Antalya, Bursa, Istanbul, Izmir, Manisa, Mersin and Mugla's ratings...

International credit rating agency Fitch Ratings has raised the credit ratings of 8 metropolitan municipalities and the Turkish Wealth Fund from Turkey.

According to the statement, Fitch Ratings has upgraded the Metropolitan Municipalities of Ankara, Antalya, Bursa, Istanbul, Izmir, Manisa, Mersin and Mugla's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB-' from 'B+'. The Outlooks are Stable.

Fitch has also upgraded Istanbul's senior unsecured rating to 'BB-' from 'B+'. 

Fitch Ratings has also upgraded Turkiye Wealth Fund's (TWF) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BB-' from 'B+'. The Outlook is Stable. Fitch has also upgraded TWF's senior unsecured notes to 'BB-' from 'B+'.

As known, Fitch had previously upgraded Turkey's credit rating TEBA:September 9, 2024 and updated Turkish banks' credit outlooks TEBA:September 18, 2024.