Scope Ratings upgrades Turkey's credit rating outlook

Germany-based credit agency Scope Ratings has revised Turkey's rating outlook from "negative" to "stable."

In a statement from Scope Ratings, Turkey's long-term foreign currency credit rating was affirmed at "B-" and its local currency rating at "B." Scope revised the credit rating outlook from "negative" to "stable."

The statement noted that the revision of the outlook was due to the performance of recent conventional policies. Scope also improved its assessment of the CBRT's credibility and effectiveness.

Emphasizing that local elections could affect the sustainable performance of monetary policy, the agency stated that rising interest rates could contract the economy.

International credit rating agency Moody's also affirmed Turkey's credit rating at "B3" while changing its rating outlook from "stable" to "positive."