Fitch upgrades Turkey’s sovereign rating two notches to ‘BB+’

International credit rating agency Fitch Ratings has upgraded Turkey’s long-term sovereign foreign debt two notches to just under “investment grade.” “The upgrade reflects Turkey’s relative resilience to the severe stress test of the global financial crisis and some easing in prior acute constraints related to inflation, external finances and political risk,” said Edward Parker, head of Emerging Europe in Fitch’s sovereign team.

In the eyes of many analysts, the upgrade was long overdue. Turkey has demonstrated relative stability, particularly in the banking and finance sector, without emergency funding from the IMF or generating exchange rate or inflationary shocks. Upgrades by other rating agencies are expected to follow. 

Source: Today’s Zaman

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