FinancialNews

Home

Investor Relations

Financial News

06-11-19

Fitch's revision reflects stable state of Turkish economy

(MENAFN) Director at Fitch Ratings said the revision of Turkey's outlook mirrors some further progress in stabilizing and rebalancing of the Turkish economy.

Douglas Winslow, director in Fitch Ratings sovereign team, told Anadolu Agency on Tuesday "The revision of the outlook from negative to stable reflects some further progress in stabilizing and rebalancing the Turkish economy, easing downside risks since our previous review in July. In particular, there's been a continuation of economic growth and of the improved current account balance which has moved into a slight surplus,"

"The external financing position of banks and corporate is somewhat more stable, foreign exchange reserves have moderately increased, inflation has fallen and the lira has held its value despite the greater-than-expected interest rate cuts, helped by the U.S. announcement on removing Syria-related sanctions, and by more favorable global financing conditions." Pointing to Turkey's strong fundamentals, Winslow said.

Responding to a question regarding the possibility of Turkey's sovereign credit rating upgrade in the future, Winslow said: "Rating outlooks indicate ["] a rating is likely to move over a one-to-two-year period. The Stable Outlook indicates that there is not a high likelihood of a change of rating at the next review. However, the potential triggers for positive rating action do include a) further progress in reducing external vulnerabilities and b) a combination of lower inflation, greater monetary policy credibility and a track record of macroeconomic stability."
MENAFN0611201900450000ID1099230278

Follow us

Terms & Conditions | Privacy & Security | Contact Us | Sitemap