Fitch Ratings affirmed its BB- long-term foreign- and local-currency issuer default ratings on Emlak Konut Gayrimenkul Yatirim Ortakligi AS, with a negative outlook.

The negative outlook reflects Turkey's BB- sovereign issuer default rating.

The rating agency said the affirmation is based on the Turkish residential developer's revenue-sharing model, which generates guaranteed income and a share of upside gains and passes nearly all design, building, financing and marketing risks to developers.