Türkiye has garnered growing confidence from international credit rating agencies, becoming the only country in 2024 to receive rating upgrades from Fitch Ratings, Moody's, and S&P Global. Fitch Ratings recently revised Türkiye's long-term foreign currency credit rating from "B+" to "BB-", with a stable outlook. This marks Fitch's second update this year, following an upgrade in March when the agency raised Türkiye's rating from "B" to "B+" and improved the outlook from "stable" to "positive."
Commenting on these recent developments, Treasury and Finance Minister Mehmet Şimşek emphasized the significance of Türkiye's accomplishments, stating in a social media post: “Thanks to our program that strengthens macro-financial stability and enhances resilience, we are the only country to receive credit rating upgrades from all three major agencies in 2024."
Minister Şimşek also highlighted Türkiye's recently announced Medium-Term Program (MTP), which outlines the economic trajectory: "With the Medium-Term Program we have recently unveiled, we will consolidate the gains achieved over the past year and further boost confidence in our economy."
In July, Moody's raised Türkiye's credit rating from B3 to B1, maintaining a positive outlook. This was the first upgrade by Moody's in 11 years and was seen as a testament to the effectiveness of the government's comprehensive economic strategy. Moody's had already revised the country's outlook from "stable" to "positive" earlier in the year, paving the way for the July improvement.
Similarly, in May, S&P Global also upgraded Türkiye's rating from B to B+, while maintaining a positive outlook. In its report, S&P Global forecasted that Türkiye's economy would grow by 3 percent in both 2024 and 2025.
Earlier in the year, in March, Fitch Ratings made its first adjustment, upgrading Türkiye from B to B+ and shifting the outlook from "stable" to "positive." Fitch credited the upgrade to the resilience and effectiveness of economic policy changes introduced since June 2023.
These rating upgrades were driven by a combination of factors, including economic stabilization, a reduced need for external financing, growing international reserves, and ongoing disinflation. Together, these developments demonstrate the strength and resilience of Türkiye's economic framework, enabling the country to successfully navigate various global challenges.