Fitch affirms Bursa at B+

Fitch Ratings said it has affirmed Turkish metropolitan municipality Bursa's long-term foreign and local currency ratings at B+.

The outlook is stable.

Fitch said the ratings reflect the municipality's improving economy with a higher-than-national average GDP per capita, strong budgetary performance and a relatively debt-free public sector.

Nevertheless, the ratings also take into account Bursa's high foreign currency exposure, as the majority of the debt is in euros and dollars.

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