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Fitch confirms Turkey's credit rating at BB-, outlook stable

by Anadolu Agency

ANKARA Aug 14, 2021 - 12:41 am GMT+3
The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, the U.K., on March 3, 2016. (REUTERS Photo)
The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London, the U.K., on March 3, 2016. (REUTERS Photo)
by Anadolu Agency Aug 14, 2021 12:41 am

Fitch Ratings affirmed Turkey's credit rating at 'BB-' late Friday with a stable outlook.

"Turkey's ratings reflect weak monetary policy credibility, high inflation, low external liquidity in the context of high financing requirements and geopolitical risks," the global rating agency said in a statement.

Fitch said it expects inflation to ease to 16.9% by the end of the year due to a favorable base effect and slowing domestic demand.

The agency revised up Turkey's 2021 growth forecast to 7.9%, from its previous estimate of 6.3% in June, because of strong performance in the first quarter and continued resilience in economic activity.

It also expects the full-year current account deficit to decline to 3% of the gross domestic product in 2021, from 5.2% in 2020, as tourism export receipts improve year-on-year in the second half of the year.

Fitch revised Turkey's outlook to stable, from negative on Feb. 19.

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