Standard & Poor’s raises its outlook for Turkey’s rating

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Standard & Poor’s International announced on Friday evening that it had raised its outlook on Turkey’s credit rating from “negative” to “stable.”

The agency said in a statement that it confirmed Turkey’s credit rating at “B” and raised its future outlook from “negative” to “stable” due to “policy change.”

The statement indicated that the new economic administration in Turkey raised the interest rate by 21.5 points since June to reach 30 percent in order to combat inflation and reduce the exchange rate, and imposed some indirect taxes to achieve financial balance.

It stated that Turkey’s economy is expected to grow 3.5 percent this year and 2.3 percent next year.