S&P still sees risks to Turkeys rating upgrade.

By bne IntelliNews September 7, 2012
Frank Gill, senior director of European sovereign ratings at Standard & Poors, said that despite the improvement in exports, there were still some risks to Turkeys sovereign credit rating upgrade. In May, another S&P analyst commented that any upgrading of Turkeys ratings would not be possible in the next 12 to 18 months due to macroeconomic imbalances and developments in the global economy. However, in August, Fitch said that further progress in navigating a path back to sustainable growth, with inflation falling toward its target and the CA deficit narrowing to a more sustainable level could lead Fitch to upgrade Turkeys long-term IDRs to BBB- from BB+.

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