Fitch Affirms B Rating For Turkey

NEW YORK/ANKARA (A.A) - 02.07.2002 - Fitch, one of the leading rating organizations, affirmed on Tuesday its sovereign ratings for Turkey. Both foreign currency and local currency remain at ''B'' while the short-term rating is also confirmed at ''B''.
Fitch said that outlook on the sovereign ratings was stable.
''Rising political tension and the possibilitiy of early elections are threathening to damage much of stabilization that has occurred since the start of the year,'' it said.
Fitch stressed that uncertainty could cause considerable damage.
''Despite the political uncertainty, the government should still be able to access the local debt markets for the time being, albeit at considerable cost. Together with a large primary budget surplus and continued disbursements by the International Monetary Fund and the World Bank, Turkey should be able to meet its 2002 Treasury financing needs,'' Fitch added.