Turkish economy minister downplays Fitch revision of Turkey rating

ISTANBUL (A.A) - November 24, 2011 - Turkey's economy minister has dismissed Fitch downgrade on Turkey's outlook, citing "near-term risks" to macroeconomic stability in the country. "Fitch could downgrade it or it could lift, not much a of concern for us. Our government is committed to tackle current deficit through solid and down-to-the-core measures," Zafer Caglayan told reporters in Istanbul.     International credit rating agency Fitch said Wednesday it had revised Turkey's outlook from "positive" to "stable". The agency also affirmed country's ratings at "BB+" due to what it said "the challenge of reducing large current account deficit and above-target inflation rate against the background of deterioration in the global economic and financing environment." Turkey's current accounts deficit was up 100.7 percent between January and September this year over the same period a year earlier to reach 60.6 billion USD. According to the Central Bank estimations, the figure is expected to climb up to some 70 billion USD by year-end. Caglayan said the government would have introduced by 2011-end an incentive system that includes measures to downsize CAD significantly. "I wish the credit rating agencies were much more objective in their evaluation. An I would like to say that Fitch is in no such position right now," Caglayan said.