Deviation on Turkish debt metrics to lead downgrade: S&P

Istanbul, June 18 () - International rating company Standard and Poor's (S&P) warned Turkey on any deviation of debt metrics, which would lead it to consider a downgrade, in a statement released on Thursday. "As we understand it, if a government...

Deviation on Turkish debt metrics to lead downgrade: S&P

Istanbul, June 18 () - International rating company Standard and Poor's (S&P) warned Turkey on any deviation of debt metrics, which would lead it to consider a downgrade, in a statement released on Thursday.

"As we understand it, if a government is not formed within 45 days of the speaker's appointment, early elections would likely be held in November this year" the S&P said in the statement. "Under this scenario, we believe political uncertainty would remain heightened until the end of the year, which could potentially hamper growth if business investments are postponed."

Volatility of the Turkish lira, which had already depreciated 2.8 percent against dollar since the elections, could have implications for consumer confidence and inflation, the rating compeny stated.

"As we have previously stated in our ratings outlook for Turkey, if such developments were to weaken fiscal performance and debt metrics were to deviate from current expectations, this could lead us to consider a downgrade" it added.

 

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