 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
|
| |
Istanbul Fashion Week >>
|
| |
Bozcaada >>
|
| |
1st Istanbul International Opera Festival >>
|
| |
Open Air Museums in Turkey >>
|
|
|
|
|
|
|
|
Current News
S&P raises Turkey’s credit note one notch
February 19, 2010
Hürriyet Daily News
Standard & Poor's raised its long-term foreign currency and local currency sovereign credit ratings for Turkey to 'BB' and 'BB+', respectively, according to a statement on Friday.
The 'B' short-term ratings were affirmed. The Transfer and Convertibility Assessment was raised to 'BBB-' from 'BB+'.
Standard & Poor's credit analyst Frank Gill said the upgrade reflects the firm’s view of the Turkish government's improving economic policy flexibility. The rating also reflects the firm’s opinion of the success of Turkey's regulatory institutions in preserving the solidity of the financial sector, despite external adversity.
“Standard & Poor's believes Turkey's banking system to be one of the strongest and least-leveraged in Eastern Europe," Gill said. Turkey's well-capitalized banking system deposit ratio of 80 percent confirms low leverage of the household sector, in Standard & Poor's view, in contrast to many Eastern European systems.
"Since the primary general government budget operated an average surplus of 5 percent of Gross Domestic Product from 2004-2008, Turkey's ability to at least balance the primary budget would appear to be very solid.”
|
|
|