Summary: Istanbul (City of)

1911 word report published Dec 05, 2011

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Abstract:

The rating on the Turkish City of Istanbul reflects Standard&Poor's Ratings Services' view that the city's operating revenue flexibility is limited and that it lacks predictability about future intergovernmental reforms in Turkey's developing and unbalanced system of intergovernmental relations. It also reflects the city's sizable capital needs and management's adherence to aggressive spending policies, resulting in mounting debt and debt service, and consequent liquidity pressures. However, Istanbul's role as the financial and commercial center in the Republic of Turkey (foreign currency rating BB/Positive/B; local currency rating BBB-/Positive/A-3), and strong growth prospects, support the rating. The city also has a very strong operating performance, a relatively gradual debt repayment schedule, and a large asset base. Istanbul's wealth is above

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RESEARCH Ratings Definitions PDF Summary: Istanbul (City of) Publication date: 05-Dec-2011 Primary Credit Analyst: Boris Kopeykin, Moscow (7) 495-783-4062; boris_kopeykin@standardandpoors.com Secondary Credit Analyst: Valerie Montmaur,...

Report Type:

Summary

Ticker:

1129Z@TI

Issuer:

Istanbul (City of)

Country:

Turkey

Region:

Europe, Middle East, Africa

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Istanbul (City of) $400.00
Position as Turkey's financial, commercial, and cultural center, with wealth indicators above the national average and good growth prospects. Very strong operating performance, with the operating surplus likely to exceed city's even debt service ...
Turkish City of Istanbul 'BB-' Rating Affirmed; Outlook Stable $100.00
Turkish City of Istanbul has limited operating revenue flexibility, sizable capital needs, aggressive spending policies, mounting debt and debt service, and consequent liquidity pressures. It is Turkey's financial and commercial center, with ...
Research Update: Turkish City of Istanbul 'BB-' Rating Affirmed; Outlook Stable $175.00
Turkish City of Istanbul has limited operating revenue flexibility, sizable capital needs, aggressive spending policies, mounting debt and debt service, and consequent liquidity pressures. It is Turkey's financial and commercial center, with ...
Istanbul (City of) $400.00
Position as Turkey's financial, commercial, and cultural center, with wealth indicators above the national average and good growth prospects. Very strong operating performance, with the operating surplus expected to exceed debt service in 2010-2012. ...
Summary: Istanbul (City of) $175.00
The rating on the City of Istanbul, which is located in the Republic of Turkey (foreign currency BB/Positive/B; local currency BB+/Positive/B; Turkish national scale trAA+/--/trA-1), reflects our view of Istanbul's limited revenue flexibility ...
City Of Istanbul 'BB-' Long-Term Rating Affirmed On Expectations Of Strong Operating Performance; Outlook Stable $100.00
We expect the City of Istanbul to continue to achieve a strong operating performance, despite limited revenue flexibility and increasing capital needs. We have affirmed our 'BB-' long-term rating on Istanbul, Turkey's largest city. The stable ...
Research Update: City Of Istanbul 'BB-' Long-Term Rating Affirmed On Expectations Of Strong Operating Performance; Outlook Stable $175.00
We expect the City of Istanbul to continue to achieve a strong operating performance, despite limited revenue flexibility and increasing capital needs. We have affirmed our 'BB-' long-term rating on Istanbul, Turkey's largest city. The stable ...
Istanbul 'BB-' Ratings Affirmed; Off CreditWatch Developing; Outlook Stable Due To Improving Debt Structure $100.00
The Turkish city of Istanbul's debt structure is improving, it has ready access to refinancing, and we expect it to benefit from large privatization proceeds over the medium term. Accordingly we are affirming our 'BB-' ratings on the city, ...

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