Investment Grading Underlines Financial Security Of Istanbul 2020

Istanbul's bid to host the 2020 Olympic and Paralympic Games received a boost yesterday following credit ratings agency Fitch's decision upgraded Turkey's investment grade.

Fitch upgraded Turkey's long-term foreign currency IDR (Issuer Default Rating) from BB+ to BBB and long-term local currency IDR to BBB from BB+. The credit ratings agency cited Turkey’s sound banking system, favourable growth prospects and wealthy and diverse economy in its decision.

According to Istanbul 2020 bid leader Hasan Arat the credit upgrade shows that the city is uniquely placed to provide a fertile growth environment for the International Olympic Committee and its partners and guarantees a sustainable financial foundation for the Olympic and Paralympic Games.

“This new rating underscores Turkey’s rapidly increasing importance on the world stage and cements Istanbul’s position as a global events capital," he said. "Turkey and Istanbul are now proven, trusted partners for investors, for tourists, and for sports property owners. We have the youngest and fastest growing population in Europe, producing 700,000 university graduates a year.

"By 2023, Turkey is forecast to be in the top ten world economies by GDP. Istanbul offers the Olympic Movement a very special combination: the safety and security of a mature market, but with a long way to go before we reach our full potential. This announcement proves that Turkey is no longer ‘emerging’ – it has emerged.”

Source: sportbusiness.com