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Announcement:

Moody's changes the outlook on Istanbul and TOKI to positive after sovereign action

05 Oct 2010

Milan, October 05, 2010 -- Moody's Investors Service has today changed the outlook on the Ba2 issuer rating of Istanbul Metropolitan Municipality ("Istanbul") to positive from stable. At the same time, Moody's has also changed the outlook on the Ba2/A3.tr issuer ratings of Turkey's Housing Development Administration (Toplu Konut Idaresi Baskanligi, "TOKI") to positive from stable.

Today's rating action follows the recent decision of Moody's Sovereign Risk Group to change the outlook on Turkey's sovereign rating of Ba2 to positive from stable. "The action on Turkey's sovereign rating impacts the ratings of both Istanbul and TOKI, because they display close operating and financial links with the Turkish government" says Francesco Soldi, Moody's sub-sovereign analyst.

Istanbul's rating reflects its strategic role in the national economy, its active fiscal management and some fiscal flexibility, mainly on the capital side of its budget. Furthermore, Istanbul has a robust balance sheet, including valuable real and financial assets. Growing state resources and the active management of municipal-related companies have so far helped Istanbul to manage expenditure pressures and to consolidate robust operating surpluses. Notwithstanding the large operating surpluses, the implementation of its large investment programme has led to a high and rapidly growing debt burden (both direct and indirect). At year-end 2009, Istanbul direct debt amounted to USD2.1 billion, equivalent to approximately 80% of operating revenue for the year.

TOKI is a not-for-profit public sector entity that operates under a mandate from the central government and direction of the prime minister's office. TOKI's ratings are underpinned by its public status and strategic role in executing the government's housing policies. Furthermore, the current ratings reflect the positive financial results recorded in the past few years, which were supported by the substantial expansion of the company's assets. Cash reserves have been partially reconstituted in 2009, following a recent depletion, and the company has been able to contain its borrowing requirements. Going forward, Moody's expects that TOKI will manage the execution of its large investment programme and the projected increase in leverage without significantly impairing its finances, in a context of a stable legal framework and continued sponsorship and oversight by the central government.

Moody's last rating action on Istanbul was implemented on 8 January 2010, when the rating agency upgraded the issuer rating to Ba2 from Ba3, with a stable outlook. Moody's last rating action for TOKI was also implemented on 8 January 2010, when its issuer ratings were upgraded to Ba2/A3.tr from Ba3/Baa1.tr, with stable outlook.

The principal methodologies used in rating Istanbul were "Regional and Local Governments Outside the US" and "The Application of Joint Default Analysis to Regional and Local Governments", published in May 2008 and December 2008, respectively. The principal methodology used in rating TOKI was "Government-Related Issuers: Methodology Update", published in July 2010. Other methodologies and factors that may have been considered in the process of rating these issuers can also be found on Moody's website.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable to the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".tr" for Turkey. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Implementation Guidance, entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings", published in August 2010.

Milan
Francesco Soldi
Vice President - Senior Analyst
Financial Institutions Group
Moody's Italia S.r.l
Telephone:+39-02-9148-1100

Milan
Mauro Crisafulli
Senior Vice President
Sub-Sovereign Group
Moody's Italia S.r.l
Telephone:+39-02-9148-1100

Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy

Moody's changes the outlook on Istanbul and TOKI to positive after sovereign action
No Related Data.
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