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  • 25-07-20

    Standard & Poor's asserts Turkey recognition ratings

    (MENAFN) On Friday July 24 The Standard & Poor's (S&P) rating agency confirmed Turkey's independent credit ratings and kept its viewpoint "stable.".

    Turkey's lasting foreign currency independent credit rating was detained unaffected at "B+" whereas local currency independent credit rating was maintained at "BB-".

    The agency expects the Turkish economy to contract 3.3 percent in 2020 because of the coronavirus, before improving 4.5 percent in 2021.

    Agency stated that "Although we expect economic growth to recover in the second half of the year, there are signs of past imbalances re-emerging, including the rapid pace of credit growth, double-digit inflation, and a widening of the present account deficit in recent months,".

    MENAFN2507202000450000ID1100541116

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