Turkish NPLs.

S&P Global Ratings said on Tuesday it estimated problematic loans at Turkish banks would rise to more than 20% by next year, citing pressures from the country’s economic recession and the slide of the lira. Despite a relatively low level of reported nonperforming loans of 4.6% at the end of May, the ratings agency cited a number of pressure points faced by Turkey’s banks, including high corporate sector indebtedness compared to other emerging markets.