S&P affirms Turkey

Standard & Poor's said it affirmed the Republic of Turkey's BB- long-term and B short-term foreign-currency and its BB long-term and B short-term local-currency sovereign credit ratings. The agency also affirmed the trAA+ long-term and trA-1 short-term national scale ratings.

S&P said it also affirmed the foreign-currency ratings on the Export Credit Bank of Turkey (BB-/stable/B), reflecting the government's sole ownership of the institution.

The outlook is stable.

The ratings on the sovereign reflect Turkey's significant external imbalances, according to the agency.

The ratings also reflect Turkey's resilience to financing shocks, which has improved since the 2001 and 2002 crises, S&P said. The country benefits from a stronger banking system, an independent and credible central bank charged with safeguarding monetary stability, and improved confidence in economic policy-making, the agency said.

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