Türkiye – Ratings Affirmed; Outlook Remains Stable

14 November 2025

Rating Action

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

Rating Drivers

The ratings reflect the continued implementation of more consistent and prudent monetary and fiscal policies, along with the resulting improvement in macroeconomic stability. The overall policy stance has contributed to declining – albeit still very high – inflation and lower dollarisation, as well as the speedy unwinding of the FX-protected lira deposit scheme. The ratings are supported by Türkiye’s large and diversified economy, strong manufacturing export base, and the low level of general government debt. The ratings take into consideration the favourable maturity structure of the…