Fitch affirms Turkey's 'BB-' rating, says an IMF deal to reduce risk

Fitch affirms Turkeys BB- rating, says an IMF deal to reduce risk

Fitch Ratings affirmed Turkey's long-term foreign currency rating at 'BB-', the rating agency said in a statement issued on Wednesday. The outlook for Turkey's rating is stable, Fitch also said. (UPDATED)

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Fitch said a timely deal with the International Monetary Fund (IMF) would reduce Turkey's fiscal and external financing risks, Anatolian Agency (AA) reported citing the statement.


"The timely agreement of a new IMF loan programme will be important in helping to moderate fiscal and external financing risks in the current global environment," the AA said. 


"Turkey has proved relatively resilient, so far, to the global credit crunch, helped by its strong banking system," it added.


Fitch, however, said the country's GDP would fall to 1.8 percent for 2008 and to minus 0.5 in 2009.


"The external financing outlook as the main risk facing the country, given the current global financing conditions," the agency also said.


Fitch estimated that the current account deficit would decrease to some $23 billion from $43 billion in 2008 due to lower prices and weak domestic demand.


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