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TURKEY: S&P Upgrades Turkey to ‘BB-’ on Reserve Accumulation and Disinflation

TURKEY
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  • S&P Global Ratings raised Turkey’s long-term sovereign rating on notch, to 'BB-', while adjusting the outlook to “stable” from a previous “positive.” The statement was published after hours Friday and can be found here.
  • The outlook reflects “balanced risks over the next 12 months to authorities’ ambitious plans to bring down still elevated inflation, manage workers’ wage expectations, and rebalance the Turkish economy,” S&P said.
  • The move follows an upgrade in May and was welcomed by Treasury & Finance Minister Mehmet Simsek, who noted that all three major rating companies have now raised Turkey's rating by two notches this year.
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  • S&P Global Ratings raised Turkey’s long-term sovereign rating on notch, to 'BB-', while adjusting the outlook to “stable” from a previous “positive.” The statement was published after hours Friday and can be found here.
  • The outlook reflects “balanced risks over the next 12 months to authorities’ ambitious plans to bring down still elevated inflation, manage workers’ wage expectations, and rebalance the Turkish economy,” S&P said.
  • The move follows an upgrade in May and was welcomed by Treasury & Finance Minister Mehmet Simsek, who noted that all three major rating companies have now raised Turkey's rating by two notches this year.