Fitch revises Turkey outlook to stable

Fitch Ratings said it revised the outlook on Turkey’s long-term foreign-currency issuer default rating (idr) to stable from negative and affirmed the IDR at BB-.

“Turkey has continued to make progress in rebalancing and stabilizing its economy, leading to an easing in downside risks since our previous review in July. The current account balance has improved, FX reserves have edged up, economic growth has continued, inflation has fallen and the lira has held up despite large cuts in interest rates, buoyed by more supportive global financing conditions and the recent U.S. announcement on removal of Syria-related sanctions,” said Fitch in a press release.

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