S&P Affirmed Turkey's Foreign Currency Rating

S&P affirmed Turkey's foreign currency rating. It also lowered its local currency credit rating.

S&P confirmed Turkey's foreign currency credit rating and downgraded its local currency credit rating. International credit rating agency Standard & Poor's (S&P) confirmed Turkey's foreign currency credit rating as "B+". The country's local currency credit rating was downgraded from "BB-" to "B+". In the statement, it was noted that the outlook for Turkey's credit rating was maintained as "negative". In the statement, which pointed out that rising food and energy prices and the Russia-Ukraine war will affect Turkey, Turkey's balance of payments position, especially the net foreign exchange reserves of the Central Bank of the Republic of Turkey (CBRT) strengthened, public policy and the outlook would be revised as stable if the ever-increasing predictability in monetary policy effectiveness is observed. In the statement, it was stated that the Turkish economy is expected to grow 2.4 percent this year and 2.9 next year.