07.09.2024 00:30
The international credit rating agency Fitch has upgraded Turkey's credit rating from B+ to BB- and revised its outlook from positive to stable.
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...