Fitch downgraded Turkey to “BB-“

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Fitch revised the rating of Turkey. It has been lowered from “BB” to “BB-“. The forecast is negative. The factors that influenced the decision were reported in the message. The main reasons for the downgrade were the resignation of the head of the Bank of Turkey, as well as the increased likelihood of new sanctions from the United States in connection with the supply of Russian S-400 anti-aircraft missile systems. At the same time, Turkey’s rating was supported by a diversified economy and high private sector growth. Fitch does not exclude a further downgrade of Turkey. This can happen if the authorities are unable to reduce the vulnerability of the Turkish economy to external shocks. The deterioration of the situation in the corporate and banking sectors and the growth of public debt will also contribute to the revision of the rating.

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