November key month for Fitch rating

ISTANBUL - Anatolia News Agency

International Rating Agency Fitch Ratings could reconsider Turkey’s “BB” rating next month, Fitch Ratings Director Paul Rawkins has said.

“According to EU guidelines we need to evaluate a country’s credit rating once every year,” he told Anatolia news agency. The last time Turkey’s credit note was reevaluated was November 2011.

Fitch had released a statement on Aug. 23 saying that it could upgrade Turkey’s credit rating from BB to BBB- if the country sustained its growth rate, brought its inflation in line with targets and brought the current account deficit down to more sustainable levels.

“Our growth projections for Turkey have not changed since July,” Rawkins said. Fitch projected a 2.8 percent growth rate for Turkey in 2012 and a 4.5 percent growth rate for the country in 2013.