By Gokhan Kurtaran
While stressing its continued commitment to Turkey, Fitch will close its Istanbul office and liquidate its Turkish branch, Fitch Ratings Finansal Derecelendirme Hizmetleri A.S., according to a company statement.
"The decision reflects Fitch's desire to maintain an optimal office network structure and sufficient level of resource in each geographic location in which it operates," said the international credit rating agency.
"Fitch remains highly committed to Turkey and to all users of its ratings in the Turkish market," it added.
"Fitch's business in, and coverage of Turkey is unchanged and Fitch will maintain coverage of Turkish entities and transactions from its existing office network as it does currently."
Fitch currently has a ratings portfolio of more than 75 issuers across various sectors in Turkey.