S&P af­firms Turkey’s credit rat­ing

Dünya Executive - - OVERVIEW -

The Stan­dard & Poor’s (S&P) rat­ing agency kept Turkey’s credit rat­ing un­changed late on Au­gust 2. Turkey’s long-term for­eign cur­rency credit rat­ing re­mained at B+, while its long-term lo­cal cur­rency credit rat­ing was also pre­served at BB-. S&P also af­firmed the coun­try’s short­term for­eign and lo­cal cur­rency sov­er­eign credit rat­ings, which were both B. In a writ­ten state­ment, the U.S.-based credit rat­ing agency said: “De­spite the ab­sence of a co­or­di­nated and proac­tive pol­icy re­sponse, the Turk­ish econ­omy and bank­ing sys­tem will nav­i­gate ex­ist­ing chal­lenges over the next year, helped by the U.S. Fed­eral Re­serve’s looser mon­e­tary pol­icy.” It noted that the agency could raise the rat­ing if the Turk­ish gov­ern­ment in­creased the econ­omy’s cred­i­bil­ity and trans­parency.

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