Fitch Upgrades Turkey To Positive

Previously, the credit rating organization Standard and Poor’s (S & P) had upgraded Turkey’s credit rating in long-term foreign currency from B plus to BB minus but had not changed its appearance that was static.

When Fitch upgraded Turkey’s credit rating appearance from static to positive, it showed "The improvement in macroeconomic and budget data as well as the strong expectation towards the continuity of working with IMF"
as the reason.

The transformation of appearance to positive while the credit rating is confirmed was evaluated as a sign that the credit rating organization could increase the rating in the next term.

However, Fitch showed the increasing current deficit as the "weak chain" of the Turkish economy. Fitch stated that although there were reforms to be realized in middle term in tax and social security fields, it did not expect any problems in short term.

Fitch expressed that it would closely follow Turkey’s agreement with IMF and EU membership issue in the next term.