Standard & Poor's upgrades Turkey’s credit outlook
S&P cited a steady Turkish economy despite global and local instabilities as the main reason behind its decision. The agency warned that an ongoing withdrawal of international investors from Turkey is putting pressure on the local currency while economic growth is also being dragged down by weaker demand for exports.
Turkey’s economy expanded by 4% in 2015, beating S&P’s economic growth expectations of 3.1%. S&P also expects the Turkish economy to expand by 3.4% this year. S&P forecasts 8% inflation by the year end and an annual increase of 7% in consumer prices by 2017. Inflation softened to 6.57% in April from 7.5% in the previous month due to lower food prices.
Moody’s Investors Service has a negative outlook on Turkey with BAA3 rating, which is the lowest investment grade status, while Fitch Ratings has a stable outlook on Turkey with the lowest investment rating.
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