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Obbligazioni valute high yieldTURCHIA bond in usd e lira turca
The ongoing depreciation of the Turkish lira is weakening Turkish
borrowers' capacity to honor their foreign currency debt and is likely to
result in a significant increase in restructured loans in the Turkish
banking sector.
We are also of the view that the institutional framework has weakened
more in Turkey than in its more advanced peer countries, and that we
observe a lack of transparency in the banking system when it comes to
banks reporting the full extent of their asset quality deterioration. At
the same time, we think that the currency crisis could lead to a
significant decline in Turkish banks' profitability and imply changes in
the competitive environment in Turkey over time.
Declining investor appetite for emerging markets, rising interest rates
in the U.S., and the ongoing tensions between Turkey and its Western
allies are also increasing refinancing risks for Turkish banks' external
borrowings.
We are therefore lowering our long-term issuer credit ratings on Türkiye
Is Bankasi A.S., Türkiye Garanti Bankasi A.S., Garanti Finansal Kiralama
A.S., Yapi ve Kredi Bankasi A.S., and Türkiye Vakiflar Bankasi T.A.O. to
'B+' from 'BB-'. The outlook on VakifBank and Isbank is negative, whereas
the outlook on YapiKredi, Garanti, and Garanti Leasing is stable.
At the same time, we are lowering our long-term issuer credit rating on
Albaraka Turk Katilim Bankasi A.S. to 'B' from 'B+'. The outlook on this
bank is stable.
We are affirming our 'B' short-term issuer credit ratings on all the
aforementioned banks apart from Türkiye Garanti Bankasi, which does not
have a short-term rating.
Over the last two weeks, the Turkish lira has exhibited extreme
volatility. This follows Turkey's prolonged economic overheating,
external leveraging, and policy drift.
In our view, the substantial weakening of the lira has negative fiscal
implications while also straining corporate balance sheets and further
pressuring domestic banks. We now project that the economy will contract
in 2019.
We are lowering our long-term foreign currency sovereign credit rating on
Turkey to 'B+' and our long-term local currency rating to 'BB-'.
The stable outlook reflects the balanced risks to our ratings on Turkey
over the next 12 months.
RATING ACTION
On Aug. 17, 2018, S&P Global Ratings lowered its unsolicited long-term foreign
currency sovereign credit rating on Turkey to 'B+' from 'BB-' and its
unsolicited long-term local currency sovereign credit rating to 'BB-' from
'BB'. The outlook is stable.
We affirmed the short-term foreign and local currency sovereign credit ratings
at 'B'.
Non ho scritto io l'articolo comunque appare evidente che questa crescita che oramai va' sgonfiandosi e' stata creata in modo e maniera artificiosa.Erdo pensa di essere furbo fa' il gioco delle tre tavolette....
Non ho scritto io l'articolo comunque appare evidente che questa crescita che oramai va' sgonfiandosi e' stata creata in modo e maniera artificiosa.Erdo pensa di essere furbo fa' il gioco delle tre tavolette....
Di strada ne ha fatta da calciatore di serie B credo a sindaco a presidente...grazie ovviamente soprattutto a quei poveri disgraziati che lo sostengono...