S&P updates Türkiye's credit rating

S&P Global Ratings has upgraded Türkiye's sovereign credit rating from "B+" to "BB-", Turkish Treasury and Finance Minister Mehmet Simsek said on X, Report informs.

Thus, Türkiye has become the only country this year to rise two steps at once in the ratings of all three leading agencies (S&P, Moody's, and Fitch).

According to the minister, the main factors influencing S&P's decision were:

- Restoration of economic balance;

- Reduction of current account deficit and external financing needs;

- Stabilization of the Turkish lira;

- Strengthening of foreign exchange reserves;

- Sustainable disinflation process.

"The positive progress achieved through the government's economic program has also reduced Türkiye's country risks and significantly lowered external borrowing costs. Market indicators pointing to the possibility of even higher ratings in the future show that the positive dynamics will continue in the coming period," Şimşek emphasized.