Fitch: Turkey rating tolerant

Fitch Ratings said in a special report that although Turkey has been affected by several adverse shocks this year, the agency sees them as within the tolerance of its ratings rather than warranting negative rating action.

Turkey is rated long-term foreign currency issuer default rating BB- with stable outlook, long-term local currency issuer default rating BB with stable outlook, short-term foreign currency issuer default rating B and Country Ceiling BB, the agency said.

"Turkey has been hit by several adverse developments this year, including an inflationary shock and a weakening in its inflation target, a widening in its current account deficit amid a more challenging financing environment, a relaxation of its fiscal framework and an elevation of political tensions," said Edward Parker, head of emerging Europe sovereigns at Fitch.

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