Fitch upgrades Turkey’ economic outlook from BB4 to BBB-
Long awaited good news came yesterday when financial accreditation agency Fitch upgraded Turkey’s economic outlook from BB+ to BBB-.
Turkish business environment had been long expecting Fitch to make this announcement as Turkey is now in a much better economic situation as compared to earlier and in spite of the negative global conditions prevailing in the world.
This new position says that Turkey is a suitable country for investment which means this country can now expect a substantial flow of foreign funds for investments in specific. It is estimated that an amount of US $ 100 billion will come to Turkey after said announcement by Fitch.
Fitch did not change Turkey’s outlook and kept it “stagnant”.
The agency made a statement saying “improvement in financial balance affected the decision to upgrade Turkish economy and Turkey’s credit outlook has become more resilient to shocks”.
06.11.2012
BTT
