Turkiye – Outlook Revised to Positive; Ratings Affirmed

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Summary

Ref: tr24cra00-01 17 May 2024

Ref: TR2 4 CRA00-0 1 17 May 2024

Turkiye – Outlook Revised to Positive; Ratings Affirmed

Rating Action

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on Turkiye’s Long-Term Foreign Currency Rating (LT FCR) and LT Local Currency Rating (LT LCR) to Positive from Stable. At the same time, CI Ratings has affirmed the sovereign’s LT FCR and LT LCR at ‘ B ’ , and the Short-Term (ST ) FCR and ST LCR at ‘ B ’ .

Rating Drivers

The change in the outlook reflects the adoption of a more consistent and effective macroeconomic policy mix , which has helped to improve investor confidence, as well as our expectation that continued monetary policy normalisation and selective credit tightening will support disinflationary efforts in the short – to medium – term. T he outlook also takes into account the relative resilien ce of the econom y despite the challenging external environment .

The…