Moody's makes no change to Turkey's credit rating

Moody’s credit rating agency makes no changes to Turkey's 'Baa3' rating and its negative outlook

Photo by: AA (Archive)
Photo by: AA (Archive)

Moody's credit rating agency makes no changes to Turkey's credit rating and outook.

The global rating agency Moody's has kept Turkey's credit rating unchanged, according to its latest estimates announced late on Friday.

Turkey's "Baa3” credit rating, which means "investable" for the country, and its negative outlook rating have not been changed by the Moody’s report.

Moody's release calendar for sovereigns designates three dates for the potential release of credit rating actions and first one was on Friday.

The remaining two dates of any rating announcement for Turkey will be on August 5 and December 2 this year.

Moody's said in December 2015 that the "Baa3" credit rating of Turkey reflected "the country’s economic resilience and strong fiscal metrics, which have been maintained through the long electoral cycle."

Additionally, Moody's also kept the ratings of Azerbaijan and Angola unchanged on Friday, while affirming Sweden's "Aaa" long-term issuer and senior unsecured debt ratings with a stable outlook.

The Turkish Statistical Institute, TurkStat, reported at the end of March that the Turkish economy grew by 4 percent in 2015, exceeding an analyst consensus estimate of 3.8 percent.

"With 4 percent growth rate, Turkey is among top four fastest growing members in the G20 group, comprising the world’s 20 major economies," Turkish Deputy Prime Minister Mehmet Simsek commented on the growth rate.

In addition, Turkey’s GDP growth rate was recorded at 5.7 percent in the last quarter of 2015, according to TurkStat.



TRTWorld and agencies