"Country Risk Report - Turkey
Feb 23 2005
Kindly contributed by Coface - http://www.cofacerating.com
The information is given without guarantee and does not bind Coface in any way.
The Country @rating for Turkish companies is currently B and was positive watchlisted in January this year. Robust economic conditions, the quality of company payment behaviour, and the confidence of market operators have all contributed to justifying the positive watchlisting. The current euphoria surrounding Turkey should nonetheless not lead to disregard for financial risks. The investment and export boom has caused the current account deficit to widen while the Turkish lira has been appreciating. Foreign exchange risk has thus been high with companies � unable to obtain credits from domestic banks to finance their expansion � increasingly assuming foreign currency debt. A soft landing for the economy in 2005 will be desirable and everything now seems to argue in favour of such a scenario."
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