Fitch affirms Türkiye’s rating at 'B'; outlook negative

Fitch Ratings has affirmed Türkiye’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B' with a Negative Outlook, Report informs referring to the rating agency’s website.

The country’s Short-term IDRs in both currencies remained at 'B' and the Country Ceiling was also affirmed at 'B'.

“Fitch forecasts GDP growth slows to 2.5% 2023, from 5.6% in 2022, with the negative impact of the February earthquakes on economic activity partly balanced by the fiscal and credit stimulus in the run-up to the May elections. We expect growth to increase modestly to 3% in 2024, due to improving external demand and the reconstruction process offsetting a less expansionary policy stance,” reads the report.