Fitch affirms Toplu Konut

Fitch Ratings said it affirmed Toplu Konut Idaresi Baskanligi's ratings at long-term foreign currency BB- and at long-term local currency BB.

The outlooks are stable.

The agency said that Toplu Konut's ratings are equal to the Republic of Turkey's to reflect the entity's public-sector status, the tight control by the sovereign and the important role that Toplu Konut provides to the national government's housing policy.

An alteration in Fitch's sovereign rating of Turkey, Toplu Konut's legal status and/or sovereign control would likely be reflected in a change in the entity's rating and/or outlook, the agency said.

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