Fitch Ratings

Fitch Ratings has revised its outlook for the Turkish banking sector from neutral to improving, citing reduced financial risks and increased investor confidence following the country's adoption of more conventional economic policies.

Fitch Ratings have revised upwards its medium-term potential growth for Türkiye to 4.1 percent from a previous 3.9 percent.

The Turkish economy grew by 3.8 percent in the second quarter of 2023, after expanding 3.9 percent in the previous period.

Fitch ratings has announced it affirms Bulgaria's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at BBB-.

Outlook is confirmed as Stable.

The Country Ceiling has been affirmed at 'BBB+' and the Short-Term Foreign and Local Currency IDRs at 'F3', according to a Fitch statement published Friday.

Fitch Ratings said on April 12 it had cut Saudi Arabia's long-term foreign and local currency issuer default ratings to "AA-"from "AA" with a negative outlook as oil prices remain weak.

Year-end growth estimations for Turkey have been upgraded to 3.5 percent from 3 percent in December last year due to a better-than-expected economic performance, according to a chief economist at Fitch ratings agency.        

Fitch Ratings has affirmed Turkey's long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB-' and 'BBB', respectively, with a stable outlook on Friday.

Credit agency Fitch Ratings has described the Iraqi economy as ?stable,? but warned of ?elevated political risks? in a note released on Aug. 7.

Fitch gave Iraq a ?-B? rating which denotes a significantly elevated default risk relative to other issuers or obligations.

Banks' role as Turkey's largest external borrowers, with their debt the primary source of finance for the country's considerable current account deficit, leaves them vulnerable to sharp changes in investor sentiment, Fitch Ratings said in a written statement on April 9.