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20
November
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WE HOLD OUR AAA RATING |
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International credit rating agency Fitch Ratings once more certified “AAA” national rating, the top grade investable level of İzmir Metropolitan Municipality.
In its 2017 İzmir report based on the data from the first 8 months, Fitch Ratings noted the high capital expenditure and forecast that İzmir Metropolitan Municipality will exhibit strong operating margins over 50% between 2017 and 2019 and this will support the current ratings.
Stating that İzmir Metropolitan Municipality has robust liquidity levels, the report expresses that significant increase in capital expenditures are expected to increase indebtedness yet healthily balanced operations of İzmir Metropolitan Municipality can easily cover its debts.
Expressing that İzmir Metropolitan Municipality has a disciplined expenditure policy from the past, Fitch report also stated that İzmir has a solid track record of realizing strong investment profile
Strong against negative scenarios
According to credit rating assessments, ‘AAA’ category where İzmir’s national credit rating is also listed, represents the lowest default risk with highest capacity to fulfill financial liabilities. This capacity is highly improbable to be adversely affected by predictable hitches.
Fitch Ratings also certified long term foreign currency credit rating as ‘BB+’ and long term local currency credit rating as ‘BBB-‘ for İzmir Metropolitan Municipality. In this category, which is not rated higher than country ratings, the outlooks are stable. İzmir Metropolitan Municipality has the same long term credit rating with the country Treasury in foreign and local currency credit ratings.
İzmir Metropolitan Mayor Aziz Kocaoğlu stated that being among the highest rated institutions bears the message for foreign investors that “you can safely invest in İzmir” added that “Sustaining the highest rating is as important as earning it. We will continue our efforts without stopping to stay at the top showing that our steps so far are strong. We will continue our strong stance in public finance within the framework of the programs we practice without compromise. We will continue to use resources efficiently, effectively and properly.”
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