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Turkey: Fitch rating review in the limelight - TDS

Analysts at TD Securities point out that Fitch is due to review its BB (negative) sovereign rating for Turkey and will be a key event for today’s session.

Key Quotes

“Fitch has the highest rating of the three agencies: Moody's has Ba3 (negative) and S&P an unsolicited B+ (stable). Fitch cut the rating to BB from BB+ in July, citing a widening CA deficit, rising inflation and a sharp fall in the lira.”

“In spite of the recent recovery, USDTRY is still above July levels and of course inflation has accelerated since then. On the other hand, the CBRT has, in the end, hiked rates and the CA deficit is contracting. We think there is a reasonable chance that Fitch cuts the rating to BB-, but if so they will probably put the outlook as stable.”

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