Dagong maintains Turkey's sovereign credit rating

Chinese rating provider Dagong Global Credit Rating Co. said in late September that it maintained the local and foreign currency sovereign credit ratings of Turkey at BB and BB-, respectively, with a stable outlook.

"Considering Turkey has a relatively firm foundation for its economic growth and modest government deficit and debt levels, Dagong gives the stable outlook on the local and foreign currency sovereign credit ratings of Turkey for the next one to two years," the agency said.

Turkey's economy faces downward pressures, which will have a negative impact on the country's financial system and fiscal revenues, but will help reduce its current account deficit, Dagong said.

The agency predicted that the real economic growth rate of Turkey will fall to 2.8 percent and 3.5 percent in 2012 and 2013, respectively, from 8.5 percent in 2011.

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