Türkiye – Ratings Affirmed; Outlook Remains Stable

15 May 2026

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 macroeconomic, monetary and fiscal policies since mid-2023, which have contributed to an improvement in investor confidence, a gradual reduction in macro-financial imbalances, and improved macroeconomic resilience. The authorities have maintained a broadly tight monetary and fiscal policy mix aimed at restoring price stability, rebuilding international reserves, and improving the functioning of domestic financial markets.

The ratings are further supported by Türkiye’s large and diversified economy and strong…