JUST IN: Credit Rating Agency Fitch Updates Turkey’s Rating Outlook to Negative to Stable

Fitch Ratings, one of the world’s leading credit rating agencies, announced that it changed the outlook of Turkey’s long-term foreign currency credit rating (IDR) from negative to stable and maintained its IDR as ‘B’.

The revised outlook reflects a return to a more traditional and coherent policy mix that reduces near-term macro-financial stability risks and alleviates balance of payments pressures, according to a press release released by Fitch Ratings on Thursday.

Fitch Ratings noted that there is still uncertainty about the size, longevity and success of the policy adjustment to reduce inflation.

The organization also highlighted Turkey’s strengths as a lender. On the positive side, Fitch Ratings noted Turkey’s low general government debt compared to its peers, its record of access to foreign markets and its manageable debt repayment profile.