Standard & Poor's upgrades Türkiye's credit rating

International rating agency Standard & Poor's has raised Turkey's credit rating by one notch after 11 years, while maintaining its "positive" outlook.

In a statement released on Friday, the agency announced that it has upgraded Turkey's credit rating from "B" to "B+" after 11 years.

The agency stated, "We expect increased flows of portfolio investments and a narrowing of the current account deficit over the next two years, along with decreased inflation and dollarization."

Turkish Treasury and Finance Minister, Berat Albayrak, commented on the statement, affirming that the positive results of his country's economic program have been reflected in the credit rating agency's decisions.

Albayrak stated in a post on his social media account, "The positive expectations of credit rating agencies such as Standard & Poor's, Fitch, and Moody's herald continuous upgrades in the ratings."

He added, "We are determined to elevate the confidence in our country to the highest level through our ongoing and implemented program."

Earlier, Fitch Ratings had raised Turkey's rating from "B" to "B+" two months ago and revised its outlook from "stable" to "positive."

The agency clarified in a statement that the upgrade in Turkey's long-term debt credit rating comes against the backdrop of changes in economic policy since June 2023.