Homepage / ECONOMY / Fitch grants Turkey’s İzmir top investment grade
Turkey’s tourism revenue up nearly 20 percent in 2017 Arab investors’ interest in Torbalı Turkey to support entrepreneurs in clean technology Turkish textile sector made 74 thousand $ per minute export Number of technoparks in Turkey rises to 71 Reform package to boost Turkey’s investment environment Turkish online gaming sector to reach $2 billion by 2020 Turkish Marble Sector gathered in Muğla for environment In all sectors, Turkey shines with great export potential Italian pianist Libetta to perform with Turkish pianist Onay Nearly 330 thousand visitors enjoy balloon ride in Cappadocia Izmir awarded as “eco-friendly” city A giant breakthrough from İzeltaş Global bridal fashion sector met in İzmir Domestic tourism surges 16.1 pct in 2017 Q3 Fiat Egea: Turkey’s most preferred model Turkey’s exports surge in January Export record in January from Aegean companies Tarakçıoğlu: More than 40 Turkish firms will show up at Foodex Japan Getting ready for MODEKO fair, furniture sector exported 120 M$ from Aegean region “Kaya: The Turkish mining sector will continue its upward trend in 2018” “Now the world wıshes to be here” Aegean export champions received awards 10 percent of fresh fruit and vegetable sector exports will carried by air cargo Turkish fishermen are ambitious to enter US market Turkish TV series made 350M $ export 1.5B $ export from leather sector Denizli towels’ new target market: US Turkey’s largest agriculture fair opens in Izmir Zeybekci: Turkey’s growth may be in double-digit in Q3 Vardarcı Makina focusing on R&D operations Turkey’s tourism earnings to reach $30 billion in 2018 Turkey plans direct Treasury transfers to lure more investments A journey of taste from Bulgaria to Ayvalik Turkey’s potential in agro-food sector and export capacity Four Turkish cities among top tourist destinations Turk Eximbank becomes full member of Asian Exim Banks Forum EU raises Turkey’s growth forecast Erdoğan & Elon Musk discuss Tesla cooperation with Turkish firms Özgener: 2018 exportation expected to reach 1B $ Turkey will reach its export target of $ 156.5 billion Seyyar: We expect the rise to continue in 2018 Tarakçıoğlu: Our trading is not affected by regional developments Kaya: We are in a position which we can go beyond the goals of 2023 Galiko: Our export performance is fine despite crises Celep: Exports worth 3 billion dollars is our goal for the year 2023 Kızılgüneşler: We target 1,3B $ export in 2018 Limited production, high quality: CMRT Olive Oil Excellent olive oil from excellent olives Russia agrees to import 50,000 tons of Turkish tomatoes in December Moscow Exchange to start trading Turkish Lira, Japanese yen in 2018 Turkey’s industrial production rises 5.2 percent year-on-year Menkur Tarım picks and processes high quality chestnut and cherry Exportation of cereals, pulses, oil seeds and products in Turkey Aegean fishermen making three thirds of the Turkey’s seafood exportation Olive oil exportation of Turkey breaking records Tobacco and products sector in Turkey Advantages of Turkey as a major food exporter “The most reliable product can be bought from Turkey.” Follow the stands of the Turkish firms for the innovations in the food and beverage sector Demand for Turkish dry fruits increase Baltali’s philosophy: “We produce with maternal sensitivity” Turkey’s advantages for producing fresh fruits Shining star of tourism and agriculture: ÖDEMİŞ Turkey’s exports rose 12 percent in August Turkey’s industrial production up in July The first ship to export dried figs will set sail on October 11 Turkish, Israeli companies engage in big diamond trade “Investments started to recover and foreign demand is strong” Turkish PM indicates $300B investment in 10 years ANFAŞ General Manager Özer’s call for FoodProduct: Don’t be late! Comments on Economic Expansion Turkish Trade Center opens in New York Amid stong growth, Fitch to review Turkey’s growth outlook Two Awards to Pinar by Stevie Awards Global economists see Turkey’s growth as positive development Turkish-Iranian bilateral trade could potentially exceed $100B, Iranian envoy says Turkey’s exports to Russia soar 52.5 percent since January Istanbul drops 12 places in global financial centers index Over 6,500 new companies launched in August The first ship to export dried figs will set sail on October 11 Turkish gov’t to establish 5 mega industrial zones Turkey’s industrial production soars 14.5 pct in July Turkey’s economy grows 5.1 percent in second quarter of year Chinese tourists to triple next year as flight frequencies increase 4 million cubic meters of concrete to be used for Turkey’s highest dam Europe’s leading tour operators to increase Turkey’s share by up to 20 pct Turkey named world’s second-largest contractor Over 61 pct of Istanbul New Airport complete Turkey’s cherry exports since April reach $155M Turkish aviation sector to grow further with Istanbul’s third airport Turkey’s top glass maker plans investments to boost capacity at home, abroad Turkey, Vietnam agree to double trade volume in 3 years Anuga 2017 scheduled for October in Germany Belarus becomes top tomato importer from Turkey’s Antalya amid Russia ban Turkey signs trade agreement on agriculture with Serbia Russian minister calls Turkey ‘crucial’ trade partner Turkish contractors rank second in world for foreign projects for 10th straight year 86th İzmir International Fair opens Iva Natura: Leader in organic beauty export


Fitch grants Turkey’s İzmir top investment grade

Fitch ratings agency has increased its national long-term rating on İzmir, the third largest province in Turkey on the Aegean coast, to its top grading “AAA” from the current “AA+” with a stable outlook.

So far, the industrialized tourism destination achieved the top “investable” rating from two top agencies, Fitch and Moody’s.

“The affirmation is driven by İzmir’s “sustainable strong operating performance, with operating margins above 50 percent in 2016 and the city’s prudent management as well as its resilient local economy supporting the local tax base,” a statement by the agency read on May 26.

“The affirmation also takes into account the municipality’s core responsibilities and corresponding operating spending and high capital expenditure needs,” it said.

The upgrade of the national rating is based on the fact that “the city has continued to record strong operating margins while accelerating capex projects prior to upcoming elections and fulfilling its additional responsibilities following the enlargement of the metropolitan area while maintaining healthy liquidity levels,” it also said.

The agency also affirmed İzmir’s long-term foreign-currency issuer default rating (IDR) at “BB+” and long-term local-currency IDR at “BBB-.” The outlooks on the IDRs are stable.

Any negative rating action on Turkey would be mirrored on İzmir’s IDRs, the agency warned. “A sharp increase in İzmir’s direct debt to current balance above two years, driven by capex and local currency devaluation could also lead to a downgrade.”

“In line with our expectations, İzmir’s well-diversified local economy remained resilient to adverse shocks. Combined with controlled operating expenditure, it achieved an operating margin of a high 52.7 percent at end-2016, despite the nation’s depressed real GDP growth in 2016 compared with the five-year average. According to Fitch’s baseline scenario, İzmir’s operating margin should remain above 50 percent in 2017-2019, supporting the ratings,” it added.

With a population of 4.22 million in 2016, İzmir is Turkey’s third-largest municipality in terms of population. Its wealth indicators are above the national average and its local gross domestic product of 127.4 billion Turkish Liras in 2014 accounts for 6.2 percent of national GDP, making İzmir the nation’s third-largest GDP contributor, the agency noted.

The city is an important transport and industrial hub and accounts for 6 percent of the country’s export, it said.

Fitch said the city’s dynamic socio-economic profile and high standard of living exposes it to a high number of less qualified job seekers as well as migrant flows, resulting in the unemployment rate – 14 percent in 2016 – being persistently above the national average – 11.1 percent.

Post a Comment

Your email address will not be published. Required fields are marked *