Standard & Poor's Downgraded Turkey's Credit Rating

Standard & Poor's (S&P), an international credit rating agency headquartered in New York, determined that Turkey's long-term foreign currency credit rating was "B+" and downgraded the country's local currency credit rating from "BB-" to "B+".

Standard & Poor's (S&P) made statements about the Turkish economy in its statement. S&P downgraded its local currency credit rating. It was stated that the outlook of the credit rating is positioned 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.