Fitch rates Erzurum A-(tur)

Fitch Ratings said it assigned Turkish metropolitan municipality of Erzurum a national long-term rating of A-(tur), and affirmed its long-term foreign- and local-currency ratings at B+.

The outlook is stable.

The ratings reflect Erzurum's good fiscal performance, benefits it receives from income equalization among metropolitan municipalities and its presently debt-free status, Fitch said.

They also take into account a weak local economy in national terms and likely deficits in the medium term in the event of debt borrowings, the agency said.

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