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Turkey's Rating Cut

Discussion in 'Middle East - General' started by JStone, Nov 23, 2011.

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Nov 23, 2011 #1

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Turkey Rating Outlook Cut to ‘Stable’ at Fitch on Economy - Businessweek

Turkey had the outlook on its long- term foreign currency rating cut to stable from positive at Fitch Ratings, which said near-term risks to economic stability increased.

Fitch affirmed the Turkeys rating at BB+, one step below investment grade, and short-term foreign currency rating at B.

The revision reflects an increase in near-term risks to macroeconomic stability as Turkey faces the challenge of reducing its large current-account deficit and above-target inflation rate, Fitch analyst Ed Parker said in an e-mailed statement today.

The lira weakened 1 percent to 1.8706 per dollar at 12:30 p.m. in Istanbul, extending earlier losses. Yields on benchmark two-year bonds rose 17 basis points to 10.68 percent. The main ISE National 100 share index slid 1.9 percent to 50,981.04.

Turkeys foreign-currency debt is rated BB by S&P, two steps below investment grade, with a positive outlook and an equivalent Ba2 by Moodys Investors Service.
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Nov 23, 2011 #2

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High_Gravity Belligerent Drunk Supporting Member

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I'm going to cut my Turkey with a knife tomorrow on my dinner table, can't wait.
Nov 23, 2011 #3

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Standard & Poors upgrades Turkey to investable
Standard & Poors upgrades Turkey to investable - Hurriyet Daily News

Fitch on the other hand has decreased outlook to stable.
No credit-rating "cut". Stable means, that in near future credit-rating will neither be upgraded or downgraded, but will stay same.
Nov 23, 2011 #4

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ekrem said: ↑

Standard & Poors upgrades Turkey to investable
Standard & Poors upgrades Turkey to investable - Hurriyet Daily News

Fitch on the other hand has decreased outlook to stable.
No credit-rating "cut". Stable means, that in near future credit-rating will neither be upgraded or downgraded, but will stay same.
Click to expand...

Turkey's Economic Lie: Turkey No Economic Powerhouse, Erdogans Credit Bubble Will Soon Explode

Some refer to him as the Middle Easts new sultan in a neo-Ottoman empire yet the truth about Erdogans kingdom is utterly different. We are not facing an economic power, but rather, a state whose credit bubble will be bursting any moment now and bringing down its economy.

The budget deficit of the collapsing Greece compared to its GDP stands at some 10%, and the world is alarmed. At the same time, Turkeys deficit is at 9.5%, yet some members of the financial media describe the Turkish economy as a success story (for comparisons sake, Israels deficit stands at some 3% and is expected to decline to 2% this year

While Turkeys economy grew by some 10% this year, this was merely the result of financial manipulation.

So how does the system work? The banks in Erdogans Turkey handed out loans and mortgages to any seeker in recent years, offering very low interest rates; this was in fact a gift. As the interest rate was so low, Turkish citizens used more and more credit, mostly for consumption.

And how did Turkeys Central Bank finance this credit party? Via loans: Erdogans bank borrowed money in the world and handed it out to its citizens. However, Turkeys deficit kept growing because of it, until it reached a scary 8% of GDP; by the end of the year the figure is expected to reach 10%.

Turkeys external debt doubled itself in the past 18 months, which were election campaign months. Only a small part of the deficit (15%) was financed by foreign investment. The rest constitutes immense external debts.

Now its clear that Erdogans regime bought the voters in the recent elections. Most of the Turkish public elected him not because of Islamic sentiments, but rather, because he handed out low-interest loans to everyone. I will provide you with cheap money so you can become addicted to shopping, and you shall elect me.

This created Turkeys credit bubble, which may explode any day now, because the date for returning the loans approaches. Will the Saudis help Erdogan as he hopes? This is highly doubtful. Nobody is willing to pay for attacks on Israel, and the West is annoyed by Erdogans thuggery. Why should they help him?

Moreover, Turkeys unemployment rate is 13% and the local currency continues to plummet vis-à-vis the dollar it reached its lowest levels since the 2009 global crisis. With a weak currency and with a stock exchange that lost some 40% of its value in dollars in the last six months, Erdogan wants to be the Middle Easts ruler?

Once the bubble explodes, the score with Erdogan will be settled, by the journalists his government ordered to arrest, by army officers charged with imaginary accusations, by the restrained scientists, the politicians, and mostly the general public, which shall be facing an economic disaster.

And this is where Israel comes into the picture. Why talk about the approaching economic catastrophe? Why talk about this disgrace, when its better to create an artificial crisis vis-à-vis Israel, a spin that the whole world will be talking about instead of talking about the sinking Turkey? After all, the Marmara raid happened more than a year ago, why did it emerge again now? Is it only because of the Palmer Report?

We shall wait a few more months, and then we shall see what really happens in the new sultans kingdom.
Turkey?s economic lie - Israel Opinion, Ynetnews
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Nov 23, 2011 #5

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ekrem said: ↑

Standard & Poor’s upgrades Turkey to investable
Standard & Poor’s upgrades Turkey to investable - Hurriyet Daily News

Fitch on the other hand has decreased outlook to stable.
No credit-rating "cut". Stable means, that in near future credit-rating will neither be upgraded or downgraded, but will stay same.
Click to expand...

S&P Revises Turkey's Credit Rating Outlook To Negative

The credit rating agency Standard & Poor's (S&P) revised Turkey's credit rating outlook to negative from stable on Thursday. The Turkish lira fell below 1.30 against the dollar as the rating outlook cut and higher-than-expected inflation data.
S&P revises Turkey's credit rating outlook to negative
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Last edited: Nov 23, 2011
Nov 23, 2011 #6

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ekrem VIP Member

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JStone said: ↑

S&P Revises Turkey's Credit Rating Outlook To Negative

The credit rating agency Standard & Poor's (S&P) revised Turkey's credit rating outlook to negative from stable on Thursday. The Turkish lira fell below 1.30 against the dollar as the rating outlook cut and higher-than-expected inflation data.
S&P revises Turkey's credit rating outlook to negative
Click to expand...

Click to expand...

Dude, the article you posted is at least 4 years old.
It's from the archives of Hürriyet newspaper.

The economy minister the article references is nowadays rector of an University and not in politics or government.
Nov 23, 2011 #7

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spectrumc01 I give you....the TRUTH

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ekrem said: ↑

JStone said: ↑

S&P Revises Turkey's Credit Rating Outlook To Negative

The credit rating agency Standard & Poor's (S&P) revised Turkey's credit rating outlook to negative from stable on Thursday. The Turkish lira fell below 1.30 against the dollar as the rating outlook cut and higher-than-expected inflation data.
S&P revises Turkey's credit rating outlook to negative
Click to expand...

Click to expand...

Dude, the article you posted is at least 4 years old.
It's from the archives of Hürriyet newspaper.

The economy minister the article references is nowadays rector of an University and not in politics or government.
Click to expand...

do you really think he cares ?
Nov 23, 2011 #8

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ekrem VIP Member

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JStone said: ↑

Turkey's Economic Lie: Turkey No Economic Powerhouse, Erdogan’s Credit Bubble Will Soon Explode
Turkey?s economic lie - Israel Opinion, Ynetnews
Click to expand...

This opinion article was already basis of this thread, and it was already discredited as wishful thinking based on false data.

usmb.com --->
http://www.usmessageboard.com/the-m...-about-to-burst-sorry-ekrem-its-da-truth.html
Nov 23, 2011 #9

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ekrem said: ↑

JStone said: ↑

Turkey's Economic Lie: Turkey No Economic Powerhouse, Erdogan’s Credit Bubble Will Soon Explode
Turkey?s economic lie - Israel Opinion, Ynetnews
Click to expand...

This opinion article was already basis of this thread, and it was already discredited as wishful thinking based on false data.

usmb.com --->
http://www.usmessageboard.com/the-m...-about-to-burst-sorry-ekrem-its-da-truth.html
Click to expand...

Moses Rules. Allah Sucks.

S&P raises Israel's credit rating from A to A+

The agency said its decision reflected Israel’s rapid economic growth and responsible economic policy. S&P also reaffirmed Israel’s local currency rating at AA-.
S&P raises Israel's credit rat...JPost - Business - Business News
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Nov 28, 2011 #10

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spectrumc01 said: ↑

ekrem said: ↑

JStone said: ↑

S&P Revises Turkey's Credit Rating Outlook To Negative

Click to expand...

Dude, the article you posted is at least 4 years old.
It's from the archives of Hürriyet newspaper.

The economy minister the article references is nowadays rector of an University and not in politics or government.
Click to expand...

do you really think he cares ?
Click to expand...

Sure, Jews care about Turkey. We care to sell you advanced drones and care to train your asses. Otherwise, Turkey is a useless pustule.
Turkish Military Delegation In Israel For Drone Deal - World Politics - Zimbio

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