S&P lowers Turkey view to stable

Standard & Poor's said it revised its outlook on the Republic of Turkey to stable from positive on deteriorating prospects for improved economic fundamentals.

At the same time, the agency said it affirmed its BB- long- and B short-term foreign and the BB long- and B short-term local currency sovereign credit ratings on the republic.

S&P said it also affirmed its AA+(tr) long- and A-1(tr) short-term national-scale ratings on Turkey.

The continued volatility in Turkish financial markets and higher inflation expectations obliged the Central Bank of the Republic of Turkey to raise domestic policy rates by 400 basis points since early June 2006, to 17.25%, the agency added.

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