Fitch Ratings upgrades Turkey

Istanbul, 5 November 2012 - Fitch Ratings has upgraded Turkey’s foreign currency credit rating from BB+ to BBB- and Turkey’s local currency’s rating two notches from BB+ to BBB. A statement from Fitch says “Fitch believes that the Turkish economy is on track to return to a sustainable growth rate, having narrowed the current account deficit and lowered inflation after overheating in 2011”.Turkey is predicting a GDP growth of 3 percent in 2012, 3.8 percent in 2013 and 4.5 percent in 2014. It is hope the Fitch upgrade will also be followed by upgrades from S&P and Moody’s credit agencies. Source: Invest inTurkey

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