ISTANBUL

Türkiye is the only country whose credit rating has been upgraded this year by two notches by three major credit rating agencies, the Turkish Treasury and finance minister said on Saturday. 

Noting that the US-based S&P upgraded the country's rate from B+ to BB-, he said on X that the rating upgrade was driven by the rebalancing of the economy, the declining current account deficit and external financing need, the stability of the Turkish lira, strengthening reserves and the disinflation process.

These positive developments achieved through the country's economic program have also lowered the country's risk premium and led to a significant improvement in external borrowing costs.

“Our market indicators, which imply a higher rating, indicate that positive developments will continue in the coming period,” he added.

In September, international credit rating agency Fitch Ratings also upgraded Türkiye's credit rating from “B+” to “BB-” and changed its rating outlook to stable.

In July, Moody's upgraded Türkiye's long-term foreign- and domestic-currency issuer and foreign-currency senior unsecured ratings to B1 from B3.