International rating Agency Fitch downgraded long-term rating of Turkey in foreign currency to BB+ from BBB-. As reported on the official website, the rating Outlook is stable.
Long-term local currency rating affirmed at BBB-and its short – term F3. Ceiling sovereign rating lowered to BBB – from BBB, the short-term rating in foreign currency to B from F3.
Fitch expects GDP growth of Turkey in 2016-2018 will be 2-3% compared to an average increase of 7.1% over the five years ended in 2015.
Another major rating Agency, Standard & Poor’s changed the Outlook of Turkey’s long-term ratings on liabilities in foreign and national currency to “negative” from “stable”.
Long-term and short-term rating on liabilities in foreign currency maintained at the level of BB/B, local currency BB+/B long-and short-term Turkey national scale trAA+/trA-1.
S&P predicts that growth in Turkey’s GDP this year will accelerate to 2.4% compared to 2% last year. In 2018, the economic growth will reach 2.7%, and in the next two years – 3%.