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Analysts at TD Securities point out that S&P is due to review its unsolicited B+ (stable) sovereign rating for Turkey and will be a key event for today’s market.

Key Quotes

“Moody’s has B1 (negative) and Fitch BB- (negative). When S&P affirmed its B+ (stable) rating back in February it said that the ratings could be lowered if it sees an increased likelihood of systemic distress in the banking system. This is not apparent in the official data yet, so we expect the rating and outlook to be maintained.”