Business Services Industry
MOODY'S ASSIGNS B1/BAA2.TR ISSUER RATINGS TO THE METROPOLITAN MUNICIPALITY OF GAZIANTEP
Info-Prod Research (Middle East), July, 2007
Moody's Investors Service has today assignedissuer ratings of Baa2.tr (Turkey National Scale) and B1 (Global Scale,local and foreign currency), with stable outlook, to the MetropolitanMunicipality of Gaziantep (GMM). The ratings on GMM take into account thepositive albeit uneven operating margins, in the context of the verylimited revenue flexibility available to municipalities, mitigated bysome degree of expenditure flexibility. However, the ratings alsoreflect GMM's high debt burden and potential financing requirements forinvestments.
The financial and operating environment shows lingeringuncertainties, although the gradual promotion of higher accountability atthe local level is expected to foster improvements in budgetarymanagement. During the five-year period analysed...
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