Istanbul’s 2020 Bid Boosted by Turkey’s Upgraded Credit Rating

By Community | November 6, 2012

Istanbul bid for the 2020 Olympics has been boosted following credit ratings agency Fitch upgrading Turkey to Investment Grade.

In making its decision, Fitch cited Turkey’s sound banking system, favourable growth prospects, and a wealthy and diverse economy.

According to Istanbul 2020 bid leader Hasan Arat the city is uniquely placed to provide a fertile growth environment for the International Olympic Committee (IOC) 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. Turkey and Istanbul are now proven, trusted partners for investors, for tourists, and for sports property owners,” he said.

“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.”