Haberler

Saturday, May 27, 2017

After the international credit rating agency Moody's, International credit rating agency Fitch Ratings upgraded the national scale credit rating of the Izmir Metropolitan Municipality from AA+ to AAA, which is the highest rank in the investment grade.

Only 11 countries have this rank in the world, including America, Germany, Norway and Switzerland.

The Fitch report published in February highlighted the long-term impact of the global financial crisis, with the number of "AAA" rating countries being at the lowest level in the last 14 years. Moody's also upgraded the national scale credit rating of the Izmir Metropolitan Municipality from Aa3 to Aaa, the highest level, in May of last year.

In the May 2017 Report of Fitch Ratings, 'AAA' credit note stated that İzmir Metropolitan Municipality's sustainable strong operating performance and high activity margins as well as Municipality's prudential management are reflected. The organization was given the following statement; "the increase in the national credit rating is due to the strong economic performance record of the Izmir Metropolitan Municipality, which is as strong as the previous day, and the moderate levels of debt".

It is stated that Izmir Metropolitan Municipality's debt criteria is expected to remain stable in the report, the municipality is expected to remain balanced with an average rate of 55 percent of the ratio of current income rate of the municipality's debt.

Kocaoğlu: “Confirmation of our success”

Evaluating Fitch Ratings's report and rate increases, Izmir Metropolitan Mayor Aziz Kocaoglu said that in May of last year, Moody's had taken the "highest national grade" and that this rise has been confirmed by the success of financial policies that they have been implementing at the same time. Kocaoğlu said that "Izmir Metropolitan Municipality, which received the highest rating for the first time among the two rating agencies, reached the summit by climbing the national long-term credit rating levels one by one. It is synonymous with becoming one of the highest institutions of credibility, taking a 'safe investment here' visa. The safeguarding and even strengthening of the atmosphere of trust and stability will ensure that our economy progresses and our wealth grows. Examples from around the world show that it is very difficult to earn a "AAA" credit rating. Therefore, we will continue our efforts to stay at the peak by showing the solidity of the steps we have taken until today".

Mayor Kocaoglu stated that the İzmir Metropolitan Municipality will make it easier to access cheap and long term financing.

"It is not a coincidence that İzmir takes such a result in this period when credit ratings of many developed and developing countries are reduced afterwards: Without compromising our strong position in public finance in the framework of the programs we implement, we can take measurable and timely measures when necessary to achieve the financial targets envisaged in the programs, using our resources effectively, efficiently and on time, continue to pass the crucial structural reforms, we use our financial borrowing instruments effectively together with the high growth performance we have achieved, and we are aware of the need to take precautionary steps when necessary and we can effectively transition from short-term domestic financing sources to long-term international external financing sources. These are all important factors in the strong financial structure of İzmir Metropolitan Municipality."

Paylaş