"Moody's Publishes New Report on Metropolitan Municipality of Istanbul
Sunday, August 10, 2008 3:52 PM
The Ba3 issuer rating of the MetropolitanMunicipality of Istanbul is based on the city's continuing sound fiscalmanagement, reflected in strong gross operating margins over time andgood financial flexibility, Moody's Investors Service says in its annualcredit report on the municipality. The rating also reflects the growingdebt burden and fiscal challenges associated with Istanbul's largeinvestment requirements. The stable rating outlook mirrors the outlook onthe Turkish Republic and reflects Moody's expectation that the city willcontinue to manage fiscal pressures and the execution of its capitalinvestment programme by limiting its recourse to debt."
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