Fitch Ratings raised Turkey’s rating from “B+” to “BB-“.
The agency explained in its assessment of the Turkish economy that it raised Turkey’s long-term foreign currency credit rating from “B+” to “BB-” with a “stable” outlook.
It stated in the statement that positive real interest rates, a decline in the current account deficit, and a gradual decline in foreign currency-protected deposits (KKM) could support the continued improvement in foreign reserves.
The agency indicated that the current economic program still enjoys the support of the political leadership, and that reserves are expected to rise to $158 billion by the end of this year and to $165 billion by the end of 2025.
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