Fitch rates Bursa B+

Fitch Ratings said it assigned the Turkish Metropolitan Municipality of Bursa ratings of long-term foreign and local currency B+. The outlook is stable.

Fitch said the ratings reflect the municipality's improving economic fabric with higher-than -national average gross domestic product per capita, strong budgetary performance and an extended maturity profile of the debt.

Nevertheless, Fitch said the ratings also take into account Bursa's high foreign currency exposure, as the majority of the debt is in euro- and dollar-denominated, substantial on-going debt servicing requirements, continued strong investment focus by the present administration and the dependence of the local economy on the automobile sector.

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