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Turkish Rating Slashed Further into Junk Status

TURKEY
  • Late Friday, S&P cut the Turkish sovereign rating further into junk territory, dropping the rating to B from B+; Outlook Stable. S&P flagged the authorities’ desire to fuel economic growth ahead of 2023 elections rather than tackle inflation, exchange rate and financial stability issues.
  • CPI came in slightly below expectations, but still marked a new cycle high for CPI, which touched 83.45% vs. Exp. 83.50%, with core at 68.09% vs. Exp. 68.60%. Still unlikely to deter CBRT going forward, with Erdogan recently stressing his view that rates should reach single digits by year-end (i.e. >200bps of further rate cuts across the October, November, December decisions).
  • Erdogan is due to appear later today at an Islamic finance conference, while the CHP leader Kilicdaroglu also speaks, and will be eyed for any confirmation of the selected leader to run as unified opposition against the President at next year’s elections.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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