Standard & Poor's Reaffirmed Turkey's Credit Rating

Standard & Poor's reaffirmed Turkey's credit rating. The organization did not change Turkey's rating.

International credit rating agency Standard & Poor's (S&P) reaffrimed the Turkey’s credit rating and rating outlook. In the statement made by the organization, it was noted that the country's credit rating in foreign currency was confirmed as "B +" and the credit rating in local currency as "BB-". In the organization statement, which stated that the Turkey's credit rating outlook was "stable", statements were used that the country's economy was estimated to grow 0.9 percent in 2020 due to the effect of the credit incentive, despite the new type of coronavirus (Covid-19) epidemic. In its predictions in July, Standard & Poor's shared the forecast that the Turkey's economy would contract by 3.3 percent in 2020. In the statement, which pointed out that an important upward revision was made in the forecast for the growth of the Turkey's economy, despite the coronavirus (Covid-19) epidemic, it was stated that another important factor in the growth of the country's economy last year was the developing market economy, apart from China, Egypt and Vietnam. Stating that the steps taken to tighten the monetary policy are a signal that it has turned into a more conventional policy, it was noted that the net public debt that remained "moderate" by the end of 2020, which constituted 35 percent of the Turkey's GDP, left room for maneuver. It was stated that the Turkey's economy is expected to continue it’s recovery while inflation and the current account deficit is decreasing, and it is thought that the economic growth of the country in the short term will depend on the external environment and the vaccination practices.         This article has contributions of Bloomberg HT.