The International rating agency Fitch Ratings affirmed the long-term issuer default ratings of Turkey’s foreign and local currency ratings at “BBB-” and “BBB”, noting that is stable. BBB rating indicates expectations of low default risk at the moment.
This index indicates the solvency of the issuer, which, however, can be changed by the negative economic conditions or favorable business environment. The rating agency said that the state budget has been saved in Turkey, and budget is maintained for the election period.
According to Fitch, in spite of the slow pace of reform, real GDP growth was 3.1% in the first half of the year, due to a decrease in consumption. “The decreasing of the Turkish lira has reduced the level of consumer confidence, which on August has reached the lowest level since March 2009,” – said the agency.