May 7, 2019 / 10:09 AM / in 14 days

Istanbul vote re-run means 'extra uncertainty' - Fitch official

ISTANBUL (Reuters) - Turkey’s decision to re-run Istanbul elections on June 23 adds nearly two months of uncertainty over its plan to rebalance and stabilise the economy, Edward Parker, managing director at Fitch Ratings who heads the group that covers Turkey, said on Tuesday.

“The elections being re-run just pushes out that point in time (for a resolution), and we have another nearly two months of extra uncertainty,” he told Reuters

Fitch last week reaffirmed Turkey’s sovereign rating at ‘BB’ with a negative outlook, but Parker said it could be downgraded if “existing weaknesses are aggravated, especially given the volatility in the Turkish economy and currency.”

Reporting by Jonathan Spicer; Editing by Dominic Evans

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