US-based credit rating agency S&P published its report on Turkey’s credit rating today. S&P raised Turkey’s credit rating by one notch from B+ to BB-.
Turkey’s credit rating has been increased from ‘Highly Speculative’ to ‘Speculative’ outlook at B+ level. Turkey’s rating outlook was revised from ‘positive’ to ‘stable’.
It was stated that the Central Bank’s monetary policy was effective in the decision, and it was noted that Turkish officials managed to stabilize the lira, reduce inflation, rebuild reserves and de-dollarize the financial system, thanks to the tight stance.
It was also stated that with the narrowing of Turkey’s savings gap with the world, a decrease of approximately 4 points of GDP has been observed in the current account deficit since 2022.
The organization stated that the outlook for the Turkish economy reflects balanced risks for 12 months, and that the authorities’ ambitious plans to reduce inflation, manage wage expectations and rebalance the economy continue.
Source: www.dunya.com
