Turkish Treasury and Finance Minister Mehmet Şimşek said on Saturday that his country is the only country whose rating has been raised by two notches in a year by the three major credit rating agencies.
This came in a statement via his account on the X platform regarding Standard & Poor’s raising Turkey’s credit rating from “B+” to “BB-“.
Şimşek added that “economic stability, the stability of the lira, the decline in the current account deficit, the need for external financing, the strengthening of the central bank’s reserves, and the slowdown in the inflation rate were effective factors in raising the rating.”
He continued: “The positive developments we have achieved through our economic program have also led to a reduction in Turkey’s risk premium and have provided a significant improvement in external borrowing costs.”
The Turkish minister added: “Our market indicators point to a higher rating, and confirm that the positive developments will continue in the coming period.”
Late Friday evening, Standard & Poor’s announced that it had raised Turkey’s credit rating from “B+” to “BB-” and revised its outlook from “positive” to “stable.” The agency had raised Turkey’s credit rating from “B” to “B+” in May while maintaining its outlook at “positive.”
