Rating Agency Standard & Poor's (S&P) has revised its outlook on the City of Istanbul to stable from negative following the outlook revision on the Republic of Turkey last week. At the same time, the single B minus long-term issuer credit rating on Istanbul was affirmed.
The outlook on Turkey was changed based on improved political stability following the election of a single-party majority government. "Istanbul's financial and economic outlook is closely linked to that of the sovereign because of its position as Turkey's commercial, banking, and cultural center," said S & P's Public Finance credit analyst, Elena Okorotchenko.
"The city's ability to limit debt accumulation while financing extensive investments in infrastructure and maintain liquidity will be imperative to its future creditworthiness," she continued. — (menareport.com)
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