Credit rating agency S&P Global more positive about Turkey’s financial health | Economy

Experts from S&P Global increase their assessment of Turkey’s creditworthiness from B to B+. The higher score can help the country to borrow money at more favorable interest rates.

Other credit rating agencies are also more positive than before. Fitch also raised the credit rating to B+ earlier this year, while Moody’s set its forecast for Turkey to ‘positive’ without immediately increasing the score.

Fund manager Timothy Ash tells NU.nl that Turkey has received pay for work. “This is the result of the policy adjustment of Finance Minister Mehmet Simsek, appointed last year. Turkey has really taken a different path.”

Simsek himself had already expected that more rating increases would follow after Fitch’s earlier step. “The positive results of our policies are reflected in the decisions of credit rating agencies,” he responded to X on Saturday. “We are determined to raise confidence in our country to the highest level with our strengthened policies.”

In recent years, Turkish policy choices have caused a stir. President Recep Tayyip Erdogan has long rejected the standard economic practice of raising interest rates to reduce skyrocketing inflation and fired several central bank governors who thought otherwise.

After his election win last year, Erdogan promised to implement a more mainstream economic policy.

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