Fitch Affirms City of Turin at 'BBB'; Outlook Stable

April 24, 2015 8:10 PM

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(The following statement was released by the rating agency) MILAN/PARIS/LONDON, April 24 (Fitch) Fitch Ratings has affirmed the Italian City of Turin's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB' and its Short-term foreign currency IDR at 'F3'.

The Outlook is Stable. The rating action affects Turin's senior unsecured debt, including a bond of nominal EUR355m at issue (XS0373247104), as well as future senior unsecured borrowings. The affirmation reflects Fitch's expectations that the city will maintain sound operating performance in the med...

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