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General elections took place in Turkey on June 7, 2015. The result was a hung parliament. Turkey's ruling Justice and Development Party (AKP) won 41% of the votes. More
On Nov. 21, 2014, Standard & Poor's Ratings Services affirmed its unsolicited 'BB+/B' long- and short-term foreign currency sovereign credit ratings on the Republic of Turkey. At the same time, we affirmed our 'BBB/A-2' long- and short-term local currency sovereign credit ratings, and our 'trAAA/trA-1' long- and short-term Turkey national scale ratings. The outlook remains negative. More
Turkey is once again experiencing political and economic uncertainties. Yet, Turkish blue chip companies have coped successfully with periods like this in the past. The experience has likely equipped Turkey's larger firms to weather the current conditions, including depreciation of the Turkish lira. More
On February 6, 2015, we announced that Turkey's banking regulator's (BDDK) decision to transfer management of Bank Asya to the Savings Deposit Insurance Fund does not affect the unsolicited sovereign credit ratings on Turkey (foreign currency BB+/Negative/B; local currency BBB/Negative/A-2). More
Emerging economies will continue to face tighter external financial conditions than those prevailing in the aftermath of the 2008-2009 financial crisis. At the same time, they are set to benefit from increased demand for their exports from advanced economies. Turkey's economy remains highly vulnerable to a reversal in foreign capital flows because of its large current account deficit and… More
Turkish banks seem to have got off to a somewhat better start this year than they did in 2014, and the first months of 2015 have been somewhat calmer. More
Standard & Poor's Ratings Services classifies the banking sector of Turkey (unsolicited; foreign currency BB+/Negative/B, local currency BBB/Negative/A-2) in group '6' (on a 1-10 scale with 1 representing the lowest risk) under its Banking Industry Country Risk Assessment (BICRA). Other countries in group '6' include Bahrain, Guatemala, Spain, and Thailand. More
Following a shaky start, Turkish banks face an unsettled year ahead. On the home front, the fallout from the corruption scandal that emerged in December 2013 and rising political uncertainty in the run-up to three successive elections will likely set the tone for the year. Global developments, including repercussions of tapering of the U.S. Federal Reserve's quantitative easing and geopolitical… More
Standard & Poor's Ratings Services has assessed industry and country risk for the Turkish property/casualty (P/C) insurance sector as moderate (measured on a scale, from weakest to strongest, of very high risk, high risk, moderate risk, intermediate risk, low risk, and very low risk). Our assessment captures the typical level of risks that P/C insurers operating in Turkey face and reflects our… More
In December 2013, the U.S. Federal Reserve (Fed) announced that it would start progressively tapering its $85 billion monthly bond-buying program, known as quantitative easing (QE), judging the U.S. economic recovery to be on track. The Fed implemented the first three waves of tapering over the past four months, reducing the monthly bond buying by a total of $30 billion. Standard & Poor's Rating… More
At the start of 2015, the global environment appeared favorable for the Turkish economy. The 50% decline in oil prices between June 2014 and January 2015 presented an opportunity to boost consumer demand and growth while also reducing inflation and the current account deficit. The start of the European Central Bank (ECB)'s large open-ended quantitative easing (QE) program, as well, looked likely… More
We believe the global sukuk market is heading into another solid year in 2015, even though some emerging headwinds could slow its progress compared to 2014. Sukuk issuance reached $116.4 billion in 2014 compared with $111.3 billion in 2013, and we expect total issuance to cross the $100 billion mark again in 2015. More
Upside for sovereign sukuk issuance in countries in the Gulf Cooperation Council is limited in 2015. Although we expect that lower oil prices will lead to fiscal deficits in some countries in the GCC (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates), most governments' net asset positions will likely remain strong enough to enable their financing. More
Global growth of the Islamic finance market continued unabated last year, undeterred by the uncertain recovery elsewhere in the world’s financial markets. Standard & Poor’s Ratings Services believes that worldwide, Sharia-compliant assets--which we estimate at upward of $1.4 trillion--are likely to sustain double-digit growth in the coming two to three years.
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