Jan 20 2018

Fitch keeps Turkey rating at junk 'BB+' citing political, regional risks

Fitch Ratings affirmed Turkey's long-term foreign currency rating at 'BB+', junk status, with a stable outlook.

The decision reflected Fitch’s concern about political and regional risks, including the erosion of checks and balances in the country’s political system.

Fitch said it expected economic growth to slow to 4.1 percent this year due to the reduced availability of credit and tighter fiscal and monetary policies.

"Growth should rebound in 2019 to 4.7 percent, reflecting Fitch's expectation of renewed stimulus ahead of the elections” due next year, the statement said. Turkey is due to hold presidential, parliamentary and local elections in 2019.

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