The Turkish Treasury has extended an external borrowing authorisation without a Treasury guarantee to the Izmir Municipality for a one-year period, the municipality said on March 8.
Izmir is in talks to obtain foreign loans to finance a €1bn metro line project, while it has already agreed loans worth €490mn for the investment, it also said.
As of end-Q3 2020, the municipality held $492mn of external debt stock not covered by a Treasury guarantee, while its Izsu (Izmir Water and Sewerage Administration) held another $28mn.
The municipality also held $81mn of Treasury-guaranteed foreign debt at end-September.
Izmir has a Fitch Ratings BB-/Stable rating, three notches below investment grade and in line with Turkey’s sovereign rating. It also has a B2/Negative, five notches below investment grade in line with Turkey’s sovereign rating, from Moody’s Investors Service.
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