Turkey's credit rating upgraded: First statement from Minister Şimşek

S&P has upgraded Turkey's credit rating from B+ to BB-. Treasury and Finance Minister Mehmet Şimşek made statements regarding this development on his social media account. Şimşek emphasized that Turkey is the only country to have its rating increased by two notches by all three major credit rating agencies this year.

Stating that the rebalancing achieved in the economy, the narrowing current account deficit, the declining external financing need, the stability of the Turkish lira, strengthening reserves, and the disinflation process were effective in the rating upgrade, Şimşek said, “These positive developments we have achieved with our program have lowered our country's risk premium and provided significant improvement in our external borrowing costs.”

He also expressed that market indicators imply a higher rating and that positive developments will continue in the coming period.

S&P has upgraded our credit rating from B+ to BB-. We are the only country to have its rating increased by two notches by all three major credit rating agencies this year.

The rebalancing in the economy, the narrowing current account deficit and external financing need, the stability of the Turkish lira, strengthening reserves and…

— Mehmet Simsek (@memetsimsek) November 2, 2024

News Source: 12punto