{"id":18028,"date":"2018-07-20T22:23:40","date_gmt":"2018-07-20T19:23:40","guid":{"rendered":"https:\/\/bestinsurance.gr\/a1\/?p=18028"},"modified":"2018-07-20T22:23:40","modified_gmt":"2018-07-20T19:23:40","slug":"fitch-downgrades-24-turkish-banks-removes-from-watch-negative","status":"publish","type":"post","link":"https:\/\/bestinsurance.gr\/a1\/archives\/18028","title":{"rendered":"Fitch Downgrades 24 Turkish Banks, Removes From Watch Negative"},"content":{"rendered":"
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Fitch Downgrades 24 Turkish Banks, Removes From Watch Negative<\/h1>\n<\/div>\n
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By\u00a0Asli Kandemir<\/p>\n

(Bloomberg) —\u00a0<\/section>\n

Actions follow downgrade of Turkey\u2019s sovereign rating on July 13, which was driven by increased downside risks to macroeconomic stability and recent deterioration in economic policy credibility, Fitch says.<\/p>\n
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  • Downgrades reflect increased risks to performance, asset quality, capitalization, liquidity and funding profiles, following the recent period of market volatility and given increased risk of a hard landing for the economy and a material deterioration in investor sentiment<\/li>\n
  • In a statement Friday, Fitch forecasts GDP growth as 4.5% in 2018, 3.6% in 2019<\/li>\n
  • Downgrades of foreign-owned banks\u2019 foreign currency IDRs to BB from BBB- reflect both the sovereign downgrade and Fitch\u2019s view that it is no longer appropriate to rate banks above the sovereign in Turkey\n
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    • \u201cThis view reflects our belief that, in case of a marked deterioration in Turkey\u2019s external finances, the risk of government intervention in the banking sector in the form of capital controls or restrictions will increasingly be equal to that of a sovereign default\u201d<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/section>\n<\/div>\n
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       <\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      Fitch Downgrades 24 Turkish Banks, Removes From Watch Negative By\u00a0Asli Kandemir (Bloomberg) —\u00a0 Actions follow downgrade of Turkey\u2019s sovereign rating on July 13, which was driven by increased downside risks to macroeconomic stability and recent deterioration in economic policy credibility, Fitch says. Downgrades reflect increased risks to performance, asset quality, capitalization, liquidity and funding profiles,<\/p>\n","protected":false},"author":1,"featured_media":9310,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-18028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/comments?post=18028"}],"version-history":[{"count":1,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18028\/revisions"}],"predecessor-version":[{"id":18029,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18028\/revisions\/18029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media\/9310"}],"wp:attachment":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media?parent=18028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/categories?post=18028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/tags?post=18028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}