Fitch Revises Turkey's Outlook to Negative at 'BB-'

Fitch Ratings has revised the Outlook on Turkey's Long-Term Issuer Default Ratings (IDRs) to Negative from Stable and affirmed the IDRs at 'BB-'.

It also lowered its outlook for Turkey's long-term ability to pay from stable to negative.

Fitch said that Turkey's revision of the outlook reflects the Turkish central bank's untimely policy of monetary easing.

It explained that the assessment reflects the weak credibility of monetary policy, high inflation, lack of external liquidity and geopolitical risks.

Meantime,  inflation in Turkey is expected to rise to 25% by the end of this year.