Fitch affirms Erzurum

Fitch Ratings said it affirmed the Turkish Metropolitan Municipality of Erzurum's long-term foreign- and local-currency ratings at B+.

The outlook is stable.

The agency said the ratings reflect Erzurum's below-national average economic profile and the projected rise in capital expenditure, primarily in relation to the light railway system.

These factors are balanced by the municipality's good budgetary performance due to its capacity to adjust expenditure to revenue availability and the benefits of the national tax revenues redistribution system, Fitch said.

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