The international credit rating agency Fitch Ratings upgraded Turkey's western province, Izmir Metropolitan Municipality's national long term credit rating to AA+.
"Fitch Ratings has upgraded Izmir's national long term credit rating to AA+ from AA" said a written statement issued by the municipality.
Fitch Ratings also upgraded the city's long-term foreign currency rating and long-term local currency rating to BBB- from BB+.
Mayor of Izmir Aziz Kocaoglu said they welcomed the upgrading by adding, "Our city will attract more investors and the economy will grow faster."
Izmir has a strong budgetary performance with operating margin over 60% in 2012 leading to strong debt coverage ratios.
One year's operating balance was more than enough to repay all direct risk in 2012.
Fitch forecasts that strong operating margins will continue to result in safe debt servicing capacity in 2013-2015.
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