Turkey: Fitch will announce a ratings decision today - BBH

Research Team at BBH, suggests that the Fitch will announce a ratings decision for Turkey today.  

Key Quotes

“Last Friday, Moody’s said it would render a decision on Turkey within 90 days of its review, which began on July 18.  Like Fitch’s current BBB- rating, Moody’s Baa3 is at the lowest rung of investment grade.  

With S&P quickly cutting Turkey to BB with a negative outlook, one more downgrade by either Moody’s or Fitch would likely lead to some forced selling.  Our model rates Turkey at BB/Ba2/BB and so we think a downgrade today is warranted.  Deputy Prime Minister warned that the 4.5% growth target may not be met.”