International credit ratings agency Fitch Ratings has announced that it has affirmed Turkey's long-term foreign and local currency issuer default ratings (IDR) at 'BBB-'. The outlook has been revised to negative from stable.
According to Fitch, the downgrade in the outlook reflects the political uncertainty following the unsuccessful coup attempt in July, which is expected to impact economic performance and poses risks to economic policy.
Fitch stated that it does not anticipate developments with a high likelihood of triggering an upgrade; however, a more stable and predictable domestic political and security environment and implementation of reforms that address structural deficiencies in the economy could lead to a revision of the outlook to stable.