The credit rating agency also revised up its GDP forecast for for Turkey for 2019 by 0.8 percentage points to 0.3X25 on the back of stronger second-quarter out-turns.

The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, on March 3, 2016.
The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, on March 3, 2016. (Reuters Archive)

Credit ratings agency Fitch revised Turkey's outlook from "negative" to "stable" on Friday and affirmed its BB- rating.   

The agency also revised up its GDP forecast for 2019 by 0.8 percentage points to 0.3X25 on the back of stronger second-quarter out-turns.    

Fitch maintained its GDP growth forecast of 3.1X25 for 2020 and 3.6X25 in 2021.   

"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," Fitch analysts said in a note.  

"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 US announcement on the removal of Syria-related sanctions." 

Source: AA