Fitch

Turkish lenders’ borrowing that jumped by almost threefold has been the main driver of the eye-catching rise in the country’s external debt, rating agency Fitch has said in a report, warning this puts the banks’ ratings at risk.

“Most of the recent increase in Turkey’s external debt has been driven by bank borrowing,” read a statement released by the agency on Aug. 3.

Liquidity risks are heightened for all Bulgarian banks following two bank runs in quick succession, rating agency Fitch said Wednesday.

In a message posted on its website, Fitch stresses that "corporate governance problems at domestically owned companies" were highlighted by events at the two largest Bulgarian-owned banks.

Developments in Bulgaria's banking sector will not affect sovereign debt rating of the country, agency Standard & Poor's (S&P) says.

The announcement comes after S&P decided to cut the credit rating of Bulgaria by one notch lowering it to BBB- in mid-June, citing lack of progress on reforms which it considered likely to hinder economic growth.

On Friday the Fitch rating agency lowered its outlook on the Russia economy to 'Negative' from 'Stable', citing the potential impact of the sanctions.

The agency confirmed Russia's “BBB” rating.

“The revision of the outlook to negative reflects the potential impact of sanctions on Russia’s economy and business environment,” Fitch said in a statement.