S&P says Turkey's rating depends on policy choices
Jun 14, 2011 - 12:00 am GMT+3
by Jun 14, 2011 12:00 am
Ratings agency Standard and Poors (S&P) said on Monday a potential upgrade of Turkey's sovereign ratings would depend on the re-lected government's fiscal and monetary policy choices and the impact on the country's widening current account deficit.
Prime Minister Tayyip Erdogan's AK Party won a parliamentary election on Sunday, scoring a strong, though slightly reduced, majority. S&P rates Turkey two notches below investment grade and has a positive outlook on its rating.
"What happens to Turkey's rating will depend on the newly elected government's fiscal and monetary policy choices and how these impact the widening current account deficit," S&P analyst Frank Gill states.