October 2, 2026

International credit rating agency S&P Global Ratings said developments surrounding the liquidation of certain funds in Türkiye are not expected to create downward pressure on the country’s credit rating.

S&P is expected to publish its second credit rating and outlook assessment for Türkiye this year on October 16.

According to information reported by Bloomberg HT, S&P Global Ratings Lead Analyst Karen Vartapetov and Financial Institutions Director Regina Argenio said the ongoing fund investigation had not caused significant macroeconomic effects and that the situation was under control.

Vartapetov said the regulatory measures and policy response implemented by the authorities in connection with the investigation had been “rapid and convincing.”

He added that the process had not had a negative impact on the financial system, noting that there had been no significant reaction in the exchange rate, dollarization or banking liquidity.

Vartapetov said that if the fund-related turmoil remained confined to a narrow asset class, it would not represent a major negative development for investor sentiment or Türkiye’s credit rating.

S&P expects Türkiye’s average inflation rate to stand at around 30% in 2026, while economic growth is projected to be close to 3%. Vartapetov also said the recovery in the Central Bank’s reserves was supportive of the country’s credit rating.

“We Have Not Seen a Major Movement in Bank Liquidity”

Argenio said the largest impact of the fund process had been seen in the stock market, but equity valuations had stabilized following the initial correction.

She noted that, alongside judicial proceedings, liquidity had been provided to the market and banks had been appointed to handle the liquidation of the funds. Argenio described the policy response so far as “quite strong.”

In its most recent assessment in April, S&P affirmed Türkiye’s credit ratings at “BB-/B” and maintained its outlook at “stable.”

Source: Patronlar Dünyası/ Prepared by: İlayda Gök