Fitch Ratings raises Turkey's credit rating to "B+"

The international rating agency Fitch Ratings has upgraded Turkey's long-term credit rating from "B" to "B+", and the rating outlook from "stable" to "positive". The rating upgrade is due to increased confidence in the sustainability and effectiveness of the policy implemented after the changes in June 2023. It is also reported that the decision was influenced by a more active than expected tightening of monetary policy aimed at reducing macroeconomic and external vulnerability.

Inflation expectations have weakened and external liquidity risks have decreased, reflecting more favorable external financing conditions, high reserves, low levels of currency-protected deposits, and a reduction in the current account deficit.

The Turkish economy is expected to grow by 2.8% this year, the statement said, and the growth rate may increase to 3.1% in 2025. According to the Fitch calendar, Turkey's next assessment is scheduled for September 6th.