11/25/2010

Fitch lifts Turkey's rating outlook to "positive"

Reuters - Ratings agency Fitch lifted its outlook on Turkey's rating to "positive" from "stable" on Wednesday, citing the country's economic recovery and improving public finances.

"Turkey's improving public finances are increasing confidence in its sovereign creditworthiness... debt dynamics are favorable, helped by strong GDP growth and a marked decline in interest rates," said Fitch in a statement.

"The government is lengthening the maturity of its debt, thereby reducing market risk, while financing is supported by a deep local market, as well as strong current capital inflows," it added.

Fitch expects Turkey to grow 8 percent this year, above a government forecast for growth of 6.8 percent.
turkey; credit rating; rating agency; gdp growth; economic growth; fitch; public finance

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