Fitch upgrades Bursa

Fitch Ratings said it upgraded the Metropolitan Municipality of Bursa's long-term foreign and local currency ratings to BB- from B+ and national long-term rating to A+(tur) from A(tur).

The outlooks are stable.

The upgrades reflect the municipality's greater-than-anticipated fiscal resilience, which underpinned its ability to adapt to difficult economic conditions in 2008-2009, and improved systems enhancing its financial monitoring and planning ability, the agency said.

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