Politics
Turkey gets second S&P credit rating upgrade this year BNN Bloomberg
(Bloomberg) — Turkey's credit rating was raised by S&P Global Ratings for the second time this year, citing reserve buildup and disinflation.
S&P Global raised Turkey's long-term sovereign rating by one notch to BB-, while adjusting the outlook to stable, according to a statement released Friday evening. The country's rating remains three levels below investment grade.
The Turkish central bank's tight monetary policy has allowed authorities to stabilize the lira, bring down inflation, replenish reserves and dedollarize the financial system, the ratings agency said.
The increase follows S&P's May rating increase, which highlighted better coordination between monetary, fiscal and income policies aimed at rebalancing the economy.
Since then, Turkey has attracted foreign capital flows, notably through carry operations. These flows allowed the central bank to quickly build up foreign exchange reserves, strengthening its ability to defend the Turkish lira if necessary. The current account deficit narrowed sharply thanks to restrictive monetary policy which limited credit growth and dampened domestic demand. Annual inflation, however, remains high. Data due Monday is expected to show only a slight deceleration last month from 49.4% in September.
Following the re-election of President Recep Tayyip Erdogan in 2023, Turkey returned to more conventional economic policies, abandoning the growth-at-all-costs strategy in favor of higher interest rates. The central bank raised its key rate to 50% from 50% last year to calm demand and control inflation.
This improvement reflects the rebalancing of Turkey's external accounts, visible in the reduction of the rolling 12-month current account deficit to around 1% of GDP in August, a reduction in foreign currency deposits and a concomitant increase in the country's net stock of foreign currencies. CBRT. foreign exchange reserves, S&P said.
Earlier this year, Fitch Ratings and Moodys raised Turkey's credit rating, citing increased confidence in the country's return to orthodox policies.
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