S&P affirms Turkey ratings

Standard & Poor's said it affirmed its BB- long-term foreign currency and BB long-term local currency sovereign credit ratings on the Republic of Turkey after the country agreed to a deal with the EU to begin accession negotiations. At the same time, the B short-term foreign and local currency ratings were affirmed.

The outlook is stable.

S&P said the affirmation reflects the progress Turkey is making in its talks both with the EU regarding the start of accession negotiations, and with the IMF regarding the government's economic program that could be supported by a new three-year stand-by arrangement.

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