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TURKEY: MOODY'S ASSIGNS B1/BAA2.TR ISSUER RATINGS TO THE METROPOLITAN MUNICIPALITY OF GAZIANTEP.
IPR Strategic Business Information Database, July, 2007
Moody's Investors Service has today assigned issuer ratings of Baa2.tr (Turkey National Scale) and B1 (Global Scale, local and foreign currency), with stable outlook, to the Metropolitan Municipality of Gaziantep (GMM). The ratings on GMM take into account the positive albeit uneven operating margins, in the context of the very limited revenue flexibility available to municipalities, mitigated by some degree of expenditure flexibility.
However, the ratings also reflect GMM's high debt burden and potential financing requirements for investments. The financial and operating environment shows lingering uncertainties, although the gradual promotion of higher accountability at the local level is expected to foster improvements in budgetary management. During...
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