Japan credit agency to maintain Turkey at ‘BBB-Stable’

ANKARA - Anadolu Agency

Japan Credit Rating Agency (JCR) will maintain Turkey’s credit rating at “BBB- Stable,” its Eurasia administrative council director stated on March 9.

“As is well known, the JCR continues to hold Turkey at ‘BBB- Stable,’ which is a level of investible category,” Orhan Ökmen said in a statement.

Ökmen claimed that Turkey’s economy is “stronger than it appears in the statistics,” saying it is unlikely that the country will face any difficulty in the short and medium terms despite increase in the financing costs.

“In Turkey, the economic stability indications balance political risks and fiscal stability balances monetary stability. This two-sided balance protects Turkey’s level of stability from structural risks, the flexibility feature of the economy, and its performance,” he added.

Öktem acknowledged that some assessments, such as deterioration in price stability and constant postponement of reforms, are undeniably true.

“But Turkey’s economy is still strong enough to compensate for the downward acceleration caused by political weaknesses and risks,” he said.