Fitch upgrades credit ratings of 8 Turkish metropolitan municipalities

International credit rating agency Fitch Ratings has upgraded the credit ratings of eight Turkish metropolitan municipalities and the Türkiye Wealth Fund (TVF), reflecting improved financial stability and a stable outlook for the country’s economy.

According to Fitch’s statement, the long-term foreign and local currency issuer default ratings (IDR) of Ankara, Antalya, Bursa, Istanbul, Izmir, Manisa, Mersin and Mugla metropolitan municipalities have been raised from “B+” to “BB-“. The outlook for these credit ratings has been maintained as “stable.”

• Antalya’s SCP raised to “BBB-” from “BB+”
• Bursa’s SCP raised to “BBB-” from “BB+”
• Istanbul’s SCP raised to “BBB-” from “BB”
• Izmir’s SCP raised to “BBB-” from “BB”
• Manisa’s SCP raised to “BBB-” from “BB+”
• Mersin’s SCP raised to “BBB-” from “BB-“
• Ankara’s “BBB” SCP and Mugla’s “BBB+” SCP are unaffected.

Istanbul’s senior unsecured rating also raised

In addition to the metropolitan upgrades, Fitch also raised Istanbul’s senior unsecured rating from “B+” to “BB-“, signaling increased confidence in the city’s financial performance.

Türkiye Wealth Fund’s rating improvement

Fitch further announced an upgrade for the Türkiye Wealth Fund (TVF), increasing its long-term foreign and local currency issuer default ratings (IDR) from “B+” to “BB-“, with a stable outlook.

Fitch Ratings regularly evaluates the financial structures and institutional performance of countries and entities, providing critical insights for investors in both local and foreign markets. The highest rating, “AAA,” signifies that the institution has a very high capacity to meet its financial obligations.