Fitch downgrades Turkey's credit rating

Fitch downgrades Turkey's credit rating Turkey now shares the same position with Bahrain, Portugal and Azerbaijan
Finance
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January 28, 2017 11:25
Fitch downgrades Turkey's credit rating

Baku. 28 January. REPORT.AZ/ Fitch downgraded Turkey's long-term foreign currency issuer default rating to BB+ from BBB- and also cut ratings on the country's senior unsecured foreign currency bonds to BB+ from BBB-.

Report informs referring to the Turkish media. 

"Turkey's strained international liquidity position (at 76.1 the liquidity ratio is half the BBB median) make it vulnerable to shifts in investor sentiment," Fitch said in a statement.

"Indicators of external liquidity are generally little changed since Fitch upgraded Turkey to investment grade in 2012, but the stock of net external debt/GDP has continued to rise, to 30.4 percent at end-2016 from 22.7 percent at end-2012," the statement continued.

"Evolving domestic and external conditions bring the potential for further tests of Turkey's ongoing resilience in external financing," it added.

Turkey now shares the same position with Bahrain, Portugal and Azerbaijan.

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