Standard & Poor’s (S&P) affirmed Turkey’s foreign currency credit rating

International credit rating agency Standard Poor’s (SP) confirmed Turkey’s foreign currency credit rating as “B+”.

In the statement made by S&P, evaluations were made regarding the Turkish economy.

In the statement, which stated that Turkey’s long-term foreign currency credit rating was confirmed as “B+”, it was reported that the country’s local currency credit rating was downgraded from “BB-” to “B+”.

In the statement, it was noted that Turkey’s credit rating outlook was maintained as “negative”.

Pointing out that the Russia-Ukraine war, including rising food and energy prices, will affect Turkey, the statement said that while Turkey’s balance of payments position, especially the net foreign exchange reserves of the Central Bank of the Republic of Turkey (CBRT) strengthens, the outlook may be revised as stable if the continuous and increasing predictability of public policy and monetary policy effectiveness is observed.

In the statement, it was stated that the Turkish economy is expected to grow 2.4% this year and 2.9% next year.

Source: NTV / Translated by Irem Yildiz

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