KBRA Releases Macro-Market Research: Let’s Talk Turkey
Joan Feldbaum-Vidra, +1-646-731-2362
Managing Director, Sovereigns
Some countries are just never dull, and Turkey is one of them. It brims with action and volatility, and is always making headlines. Turkey’s headlines have been trending negative on many issues, from the growth in short-term external debt, to fiscal stimulus inspired growth, to claims that monetary policy is overly accommodative given double-digit inflation. Then there are the negative headlines on politics, including the increasing authoritarianism of President Erdogan, the systematic weakening of legal and financial institutions, and the deteriorating relations with the United States and the European Union. KBRA shares many of the concerns echoed in these headlines. We are closely monitoring these developments with a specific focus on the country’s oversized short-term external debt and the large amortizations on long-dated securities coming due this year. However, we also reflect on Turkey’s strengths that have served to help it ride out many episodes of crisis in past years.
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Kroll Bond Rating Agency, Inc. is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, Kroll Bond Rating Agency, Inc. is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.
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