Standard & Poor's affirms Türkiye's credit rating at 'BB-'

By Mucahithan Avicoglu

ISTANBUL (AA) - Standard & Poor's (S&P) affirmed Türkiye's long-term credit rating at “BB-,” according to a statement Friday.

The international credit rating agency also said the credit rating outlook was “stable."

The statement affirmed the country's short-term credit rating of “B”.

Pointing to risks to the Turkish economy, it emphasized that the stable outlook reflects the view that the current economic team will maintain tight monetary policy, thus balancing the implementation risks associated with the government's medium-term program in the face of domestic and external tensions.

"The stable outlook on the global scale rating reflects balanced risks to Türkiye's economy, since the twin deficits have narrowed but growth is slowing," it said.

It also included the growth forecast for the country's economy, saying that Türkiye's gross domestic product (GDP) is expected to grow 2.7% this year and 2.9% in 2026.