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Moody’s alters Turkiye view to positive
Moody’s Investors Service said it revised its outlook for Turkiye to positive from stable and affirmed its B3 long-term foreign- and domestic-currency issuer and the foreign-currency senior unsecured ratings.
Concurrently, the agency affirmed the foreign-currency-backed senior unsecured rating of Hazine Mustesarligi Varlik Kiralama AS at B3. Hazine Mustesarligi Varlik Kiralama is a special purpose vehicle wholly owned by the Republic of Turkiye via which its treasury uses to sell sukuk certificates. Hazine Mustesarligi Varlik Kiralama's outlook was also changed to positive from stable.
“The main driver of the outlook change to positive is the decisive change in economic policy, in particular the return to orthodox monetary policy, which, if maintained, materially improves the prospect for reducing Turkiye's major macroeconomic imbalances.
“While headline inflation is likely to rise further in the near term, there are signs that inflation dynamics are starting to turn, indicative of monetary policy regaining credibility and effectiveness. The monetary tightening also improves the prospects for a reduction of Turkiye's large external imbalance and for a rebuilding of the central bank's foreign-currency reserves, both of which would reduce the country's vulnerability to external shocks,” Moody’s said in a press release.
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