(MENAFN) The international rating agency, Moody’s confirmed the credit rating of Turkey, referring to its developed reserve rank and lower present account shortage.
The agency sustained Turkey’s “B2” issuer rating for the long term, that is non-investment grade and exposed to high credit risk. Moody’s also sustained a negative view on the nation due to its irregular guidelines.
Moody’s stated in statement on Friday, “irrespective of the current pressure on the currency, Turkey's fundamental external vulnerability risk has declined because of a lower current account deficit supporting a gradual rebuilding of foreign-currency reserves on a gross and net basis.”
Moody's predicts Turkey's accurate gross domestic product growth to decline to around 4 per cent in the upcoming year in comparison to the 11 per cent growth rate predicted for 2021.
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