Turkiye – Ratings and Stable Outlook Affirmed

13 November 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 a gradual reduction in macro-financial imbalances, and improved macroeconomic resilience. The policy framework was tested by three successive shocks in 2026: the US-Iran war from late February, the court ruling that annulled the main opposition party’s leadership congress in May, and the liquidation of 131 investment funds in September. The authorities did not reverse course in any of these episodes, which CI views as an…