Turkey's Fitch rating is still 'BBB-'

Global rating agency Fitch who had elevated Turkey to investment grade in November 2012 now considers that strains in Turkey remained within the tolerance of its 'BBB-' rating. Fitch published a report about European Economies including Turkey. In the statement Fitch also said that Increased expectations of a US Fed exit from QE coupled with widespread protests have exposed the country's chief vulnerability: a current account deficit equivalent to 6.8% of GDP, over 90% of which is funded by portfolio investors, adding, "Turkish asset prices have come under strong downward pressure, precipitating a sharp fall in the exchange rate and declining international reserves". Accoding to the Fitch's statement, prolonged social unrest, poorly handled, could deter tourism, exacerbate short-term capital outflows, drive-up inflation and damage economic growth could potentially put Turkey's sovereign rating at risk. No extra annotation about Turkey- The head analysist of Fitch Ed Parker told AA that they have published a report about European economies, and a detailed report about Turkey. "We do not have any extra annotation about Turkey besides of our previos comments," said Parker.