Standard & Poor’s Ratings Services said today it revised its outlook on the Export Credit Bank of Turkey (Eximbank Turkey) to stable from negative.

At the same time, Standard & Poor’s affirmed its foreign currency B- long-term and ‘C’ short-term ratings on the bank, reflecting the outlook revision and ratings affirmation on the Republic of Turkey, the bank’s sole shareholder.

“The outlook revision on Turkey reflects Standard & Poor’s view that the risk of events leading to a downgrade is now well balanced by the prospect of a more stable and effective government in the country after the centre-right Justice and Development Party (AKP) won by a margin in the November 3, 2002, parliamentary elections, giving it a parliamentary majority,” says Standard & Poor’s credit analyst Ala’a Al-Yousuf.