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Fitch confirms Turkey's rating and outlook

The international credit rating agency Fitch did not change Turkey's credit rating and outlook in its first assessment of the year.

Fitch confirms Turkey's rating and outlook

In its assessment of the Turkish economy, Fitch confirmed Turkey's credit rating as "B" and its outlook as "negative".

The report stated that the 'B' rating reflects increased economic disruption, political and geopolitical risks due to weak external financing, intrusive and unconventional policies.

The institution shared the view that inflation will be 56.5 percent on average this year, due to the government's support of growth, the growth will decline to 2.5 percent and will be 3 percent in 2024.

It was stated that the increase in inflation expectations and further depreciation in the TL pose an upward risk on inflation.

Fitch lowered Turkey's credit rating from B+ to B in its assessment on July 8, 2022 and maintained its outlook as negative.

In the assessment in November, he had confirmed the grade and outlook.

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