Fitch revises Turkey's Outlook to stable

Fitch revised Turkey’s outlook to "stable" from "negative" and affirmed its "BB-" rating, noting it did not expect credit fundamentals to be impacted by Ankara’s operation in northeastern Syria.
02.11.2019 14:05:16 / English News

Credit ratings agency Fitch revised Turkey's outlook from "negative" to "stable" on Friday and affirmed its "BB- "rating.

At the same time, Fitch also revised up its GDP forecast for Turkey for 2019 by 0.8 percentage points to 0.3X25 on the back of stronger second-quarter out-turns.

"Turkey has continued to make progress in rebalancing and stabilizing its economy, leading to an easing in downside risks since our previous review in July," Fitch said and added "Turkey’s track record of high and volatile inflation, weak monetary policy credibility and limited central bank independence heighten the risk of renewed macroeconomic instability."

It also said it did not expect Turkey’s operation in northeastern Syria to have an impact on credit Fundamentals. (ILKHA)