Obbligazioni valute high yield TURCHIA bond in usd e lira turca

Six Turkish Financial Institutions Downgraded On Heightened Credit Risks And Ongoing Depreciation Of The Turkish Lira
  • 17-Aug-2018 17:11 EDT
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OVERVIEW

  • 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.
 
Turkey Long-Term Foreign Currency Rating Lowered To 'B+' On Implications Of Extreme Lira Volatility; Outlook Stable
  • 17-Aug-2018 16:13 EDT
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OVERVIEW

  • 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'.
 
m.m.f ha scritto:
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....
Clicca per allargare...
E' un novello Maduro, vediamo quanti anni ci mette a trasformare la Turchia nel Venezuela europeo.
 
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