While stressing its continued commitment to Turkey, the U.S.-based credit rating agency Fitch Ratings announced on Friday it has decided to close its Istanbul office and to liquidate Fitch Ratings Finansal Derecelendirme Hizmetleri A.Ş., according to a company statement.
"The decision reflects Fitch's desire to maintain an optimal office network structure and sufficient level of resource in each geographic location in which it operates," the international credit rating agency said.
"Fitch remains highly committed to Turkey and to all users of its ratings in the Turkish market," it added. "Fitch's business in, and coverage of Turkey, is unchanged and Fitch will maintain coverage of Turkish entities and transactions from its existing office network as it does currently." Fitch currently has a ratings portfolio of more than 75 issuers across various sectors in Turkey. Meanwhile, Fitch was expected to announce its rating for Turkey late Friday. Many economists have said they do not expect any change and that the stable outlook will be maintained.
On Jan. 27, 2017, 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-.