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Global Credit Research - 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
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
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.
Vice President - Senior Analyst
Financial Institutions Group
Moody's Italia S.r.l
Senior Vice President
Moody's Italia S.r.l
Moody's Italia S.r.l
Moody's changes the outlook on Istanbul and TOKI to positive after sovereign action
Corso di Porta Romana 68
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