The international credit rating agency Moody’s has affirmed İzmir Metropolitan Municipality’s national scale credit rating at the highest level, “Aaa.tr.” The agency also maintained the municipality’s long-term foreign currency rating at Ba3 and its outlook as “stable.”

In the first week of the year, İzmir received positive news from Moody’s. The confirmation of the “Aaa.tr” rating—the highest possible level on the national scale—once again demonstrated the Municipality’s strong financial standing. İzmir Metropolitan Municipality had first achieved this top national rating on July 30, 2025. Having previously reached this level in 2016, returning to it after nine years was interpreted as international reaffirmation of the Municipality’s financial discipline and institutional capacity. Moody’s latest assessment further confirms that this strong rating is both permanent and sustainable.

Strong and Sustainable Performance
The report published by Moody’s clearly indicates that İzmir Metropolitan Municipality possesses one of the most resilient financial structures in the public sector. Despite high inflation, economic volatility, and increasing investment pressures in recent years, the Municipality has maintained strong operating performance and fiscal balance.

According to the report, as of 2025, the Municipality is expected to generate a primary operating surplus exceeding 40 percent of its operating revenues. This means that after covering its daily and mandatory expenditures with annual revenues, the Municipality can allocate approximately 40 percent of its income to debt repayments, investments, and as a financial buffer against risks. In public finance, such a level is regarded as a key indicator of high institutional resilience.

Emphasis on Pressures in the Report
The Moody’s report also notes that the Municipality has recently faced pressures regarding cash management and debt structure. However, it clearly states that these challenges do not constitute structural financial weaknesses. Thanks to strong operating surpluses, predictable cash flow, and a long-term amortizing debt structure, these issues are considered manageable and surmountable.
The average maturity of the Municipality’s debt—approximately eight years—is highlighted as an important factor limiting short-term financial vulnerability.

Mayor Tugay: “We Took Office in a Difficult Period and Are Implementing Our Plans”
Mayor of İzmir Metropolitan Municipality, Dr. Cemil Tugay made the following statement regarding Moody’s assessment:
“We took office during an extremely challenging economic period. We neither concealed nor denied this reality. Since the day we assumed office, we have been implementing the financial plans we set forth with determination and continuing sound practices. The fact that Moody’s first assigned the highest national rating, Aaa.tr, in July and has now reaffirmed it clearly demonstrates that İzmir Metropolitan Municipality has one of the most resilient financial structures in the public sector.
The operating surplus of over 40 percent, as stated in the report, shows that we are comfortably meeting our revenues and expenditures and managing our investments and debt obligations within a secure framework. There have been short-term pressures; however, this report clearly confirms that as long as we continue sound practices, these challenges can be overcome and that our Municipality possesses the institutional capacity to manage this process.”

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