Turkish Markets Respond to Fitch’s Assessment

Market Players Awaiting Fitch’s Assessment on Turkey

As the credit rating agency Fitch prepares to announce its evaluation of Turkey, market players are eagerly anticipating the outcome. The announcement is scheduled to take place after 00:00 on the night between Friday, March 8th and Saturday, March 9th, once all markets have closed.

It is speculated that Fitch may upgrade Turkey’s outlook from “stable” to “positive”. While there is a possibility of an upgrade in Turkey’s credit rating from B to “B+”, it is considered less likely in the anticipated evaluation report.

Fitch previously adjusted Turkey’s outlook from “negative” to “stable” on September 8, 2023, in line with expectations. However, in its assessment dated July 8, 2022, the credit rating agency downgraded Turkey’s credit rating from “B+” to “B”.

With just one week remaining until the evaluation, the BIST 100 index on the Borsa Istanbul is currently at the 9,123 level. The index has been setting new records in February, nearing the 9,400 level as investors analyze Turkey’s monetary and economic prospects. Since the beginning of the year, the BIST 100 has recorded gains of approximately 25 percent.

The outcome of Fitch’s evaluation will likely have a significant impact on Turkey’s financial markets and overall economic outlook. Market players will be closely monitoring the announcement to assess the implications for their investment strategies and portfolios.

 

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