Fitch Ratings assessment from BankPozitif

• Fitch Ratings assessment from BankPozitif
• “Turkey’s credit rating will continue to rise”

Erkan Kork, Chairman of the Board of BankPozitif, commented on the international credit rating agency Fitch Ratings’ decision to upgrade Turkey’s credit rating, stating, “The policies implemented by the economic management have borne fruit. I believe that a stable and predictable program has been effective in this credit rating increase after 12 years.”

International credit rating agency Fitch Ratings raised Turkey’s credit rating from ‘B’ to ‘B+’ while also changing the rating outlook from ‘stable’ to ‘positive.’

Erkan Kork, Chairman of the Board of BankPozitif, made remarks regarding the Fitch report, stating that the policies implemented by the economic management have yielded results. He said, “I believe that a stable and predictable program has been effective in this credit rating increase after 12 years. Turkey was, in fact, in the same category as countries that are not comparable in terms of both economic size and potential. It is a known fact that credit ratings have political reasons alongside economic evaluations. Rating agencies could not ignore the effects of the declining current account deficit, record-breaking exports, and the historic drop in the risk premium.”

“Credit rating increase will contribute to a positive atmosphere”
Erkan Kork indicated that the decision would accelerate the inflow of hot money into Turkey, stating, “Under the leadership of our President Recep Tayyip Erdoğan, with the further strengthening of financial stability, such positive developments will continue to increase. Especially, I believe that this credit rating increase will create headline effects and contribute to the positive atmosphere in our markets. With the decline in the inflation rate, the continuation of the growth trend, and the effects of budget discipline, economic stability will increase, and other credit rating agencies will continue to upgrade Turkey’s credit rating. As BankPozitif, we are also by the side of our President and economic management. In this period when we will celebrate our 25th anniversary, we will continue to contribute to the Turkish economy and provide strong support to the real sector.”