Fitch Ratings has upgraded Turkey's credit rating from "B" to "BB-".

The international credit rating agency Fitch has made the announcement Turkey has been waiting for. Fitch has upgraded Turkey's credit rating from B+ to BB-. However, the outlook has declined from positive to stable.

The report states that positive real interest rates, low current account deficit, and the regular and gradual decline in currency-protected deposits will support the improvement in external buffers.

The agency shared its prediction that inflation will be 43% by the end of the year. The growth expectation for this year is 3.5% and 2.8% for 2025.

Fitch last upgraded Turkey's credit rating from "B" to "B+" and the outlook from "stable" to "positive" on March 8, 2024.

Another rating agency, Moody's, raised Turkey's credit rating by 2 notches from "B3" to "B1" in July, while maintaining a "positive" outlook.

S&P, on the other hand, upgraded Turkey's credit rating from B to B+ after the local elections in May.

Details are coming...