S&P announced its assessment of the Turkish economy.
The rating agency's statement reported that Türkiye's long- and short-term foreign currency and local currency credit ratings were affirmed at “BB-/B”.
The statement said the rating outlook was “stable,” reflecting the view that the Turkish economy will overcome the ongoing energy price shock, provided the authorities maintain tight monetary and wage policies and prevent a further downturn in foreign exchange reserves.
The statement noted the energy price shock triggered by the war in the Middle East and noted that the economic impact is expected to remain limited as long as the conflict subsides, energy prices fall and the domestic policy mix remains prudent.
The statement noted that prolonged higher global energy prices pose a risk to these assumptions and reported that Turkey's creditworthiness could be improved if further progress was made in reducing inflation to single digits, while restoring Turkey's foreign exchange reserves and restoring long-term confidence in the Turkish lira.
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