The international credit rating agency Fitch has upgraded the outlooks of 20 Turkish banks to stable from negative. The move follows a similar upgr
The international credit rating agency Fitch has upgraded the outlooks of 20 Turkish banks to stable from negative.
The move follows a similar upgrade of the outlook on Turkey’s long-term issuer default ratings to “stable” from “negative” on Nov. 1, Fitch said in a statement on Tuesday.
Fitch also affirmed the ratings of those banks’ financial subsidiaries driven by institutional support, while revising their outlooks to stable.
“The actions reflect reduced downside risks to the sovereign’s ability to support banks, and the lower near-term likelihood of a sharp deterioration in Turkey’s external finances, and therefore of government intervention in the banking system,” it said.
Earlier in September, an expert from Fitch Ed Parker had said Turkey executed a “very impressive” bounce back from the challenges it faced last summer.