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Bond Market News
Istanbul Upgraded to B1 by Moody’s
July 24, 2024
Istanbul Metropolitan Municipality has been upgraded by two notches from B3 to B1 by Moody’s. The upgrade follows the sovereign upgrade of Turkey to B1 last week. Istanbul is highly dependent on the sovereign’s macroeconomic and operating environment which has improved materially. The central government’s shared taxes constitute over 80% of metropolitan municipalities’ operating revenue. Also, the improved national macroeconomic outlook will strengthen the the municipalities’ tax base, leading to stable tax revenue generation, according to Moody’s. The upgrade also reflects the consistently strong financial performance of the metropolitan municipalities of Istanbul.
Its dollar bonds traded stable with its 6.375% 2025s at 98.87, yielding 7.24%.
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