S&P upgrades Turkey's credit rating; first statement from Şimşek: 'The confidence in our country...'

Minister of Treasury and Finance Mehmet Şimşek shared a post on social media following S&P's decision to upgrade Turkey's credit rating from "B" to "B+" while maintaining a "positive" outlook.

Şimşek stated, "The positive outlooks from S&P, Fitch, and Moody’s are harbingers of further rating upgrades." 

In his statement on his social media account, Minister Şimşek noted the following:

"The positive results of our program are being reflected in the decisions of credit rating agencies. While S&P has upgraded our country's credit rating by one notch after 11 years, it has maintained the outlook as positive. The positive outlooks from S&P, Fitch, and Moody’s are harbingers of further rating upgrades. We are determined to elevate the confidence in our country to the highest level with our program, which we continue to implement by strengthening it."

WHAT HAPPENED?

International credit rating agency S&P upgraded Turkey's credit rating from "B" to "B+" while maintaining a "positive" outlook.

Another credit rating agency, Moody's, had also upgraded Turkey's credit rating outlook from "stable" to "positive" in January.

Fitch Ratings, meanwhile, upgraded Turkey's credit rating from "B" to "B+" in March and revised its outlook from "stable" to "positive".

News Source: 12punto