S&P affirms Türkiye’s credit rating at ‘BB-‘ with stable outlook

International credit rating agency Standard & Poor’s (S&P) confirmed Türkiye’s long-term credit rating at “BB-” on Friday, maintaining a stable outlook for the country’s economic prospects.

In its statement, S&P also affirmed Türkiye’s short-term credit rating as “B,” reflecting the ongoing economic challenges and uncertainties.

The agency noted risks regarding Türkiye’s economy but emphasized that the stable outlook reflects the expectation that the government’s economic team will continue implementing tight monetary policies to balance the risks associated with its medium-term program, amidst both domestic and external pressures.

Economic growth projections and risks

S&P’s evaluation also projected Türkiye’s economic growth, forecasting a 2.7% GDP growth for 2025, followed by a 2.9% growth in 2026.

Last year, S&P upgraded Türkiye’s credit rating during its May and November meetings. The November update highlighted the central bank’s tight stance, which has helped stabilize the lira, reduce inflation, rebuild reserves, and mitigate dollarization in the financial system.

Comparing ratings: Moody’s and Fitch

Meanwhile, Moody’s skipped its January assessment and did not update Türkiye’s rating. Moody’s last raised Türkiye’s rating in July 2024, upgrading it by two notches from “B3” to “B1” and maintaining a “positive” outlook.

Fitch Ratings also affirmed Türkiye’s credit rating at “BB-” with a “stable” outlook in its February assessment.

Looking ahead, Türkiye’s rating calendar for the rest of 2025 includes:

• May 16, 2025: CI
• May 30, 2025: Scope
• July 25, 2025: Fitch and Moody’s
• October 17, 2025: S&P Global

Meanwhile, the World Bank has raised Türkiye’s 2025 economic growth forecast to 3.1%, up from the previous estimate of 2.6%.

For 2026, the bank anticipates a further growth acceleration to 3.6%, signaling improving conditions for Türkiye’s economy despite global uncertainties.