58400
Fitch Downgrades Turkey Rating
Fitch Downgrades Turkey Rating

Fitch Downgrades Turkey Rating

Fitch Downgrades Turkey Rating

Fitch Ratings lowered Turkey’s credit rating to “BB+”, from “BBB-” with a stable outlook, the global rating agency announced, Anadolu Agency reported. “Political and security developments have undermined economic performance and institutional independence,” Fitch said in a statement. “High-profile terrorist attacks have continued, damaging consumer confidence and the tourism sector.” Although the political environment “may stabilize,” security challenges remain, it said. Domestic demand is expected to remain weak in the near term due to political and security conditions, the agency said, and it expects economic growth to average 2.3% between 2016 and 2018—significantly lower than the 7.1 average growth between 2010 and 2015. The agency warned investment would not recover “unless structural reform is pursued more aggressively than in recent years”. On the positive side, public finances are stronger than external finances and “sufficient” to uplift Turkey’s rating one-notch within the “BB” category. “Government debt levels are also well below the peer median,” Fitch added. The agency estimates government deficit to GDP ratio was 1.6% last year, and government debt to GDP ratio was 27.8%.

 

Short URL : https://goo.gl/YNrSLf
  1. https://goo.gl/EhJp5K
  • https://goo.gl/CQ68cK
  • https://goo.gl/SdX0xQ
  • https://goo.gl/y5Vcp8
  • https://goo.gl/wrX5sm

You can also read ...

Automation is eroding jobs.
As workers struggle with the uneven fruits of globalization...
Pedestrians are reflected on a window displaying share prices of the Tokyo Stock Exchange in Tokyo on October 23, 2017.
Asian stocks ended broadly higher on Monday after the US...
Escaping Middle Income Trap  a Challenge for Malaysia
S&P Global Ratings expects that Malaysia’s objective to...
Vietnam Confident of 6.7% Growth
Vietnam is confident it will meet its goal of 6.7% economic...
Just a third of companies say that Brexit has had no impact on their plans.
Investment by Britain’s manufacturers has seen a reality check...
Venezuela is already late on $350 million of interest payments.
Ever since the price of oil collapsed in mid-2014, there’s...
Brazil Watchdog to Reject Oi Plan
Brazil’s telecoms regulator Anatel on Monday is set to reject...
Kobe Steel Faces Key Debt Test
As Kobe Steel Ltd becomes increasingly embroiled in a data...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus