Finance Minister Simsek welcomes S&P’s credit rating upgrade for Türkiye
Mehmet Simsek, Minister of Treasury and Finance, organised a panel titled ‘Türkiye and the Arab World: A Global Corridor for Investment, Trade and Technology’, Istanbul, Türkiye, Oct. 17, 2024. (AA Photo)
Türkiye’s Treasury and Finance Minister Mehmet Simsek evaluated Standard & Poor’s (S&P) recent decision to upgrade Türkiye’s credit rating from “B+” to “BB-” in a post on his official X account.
He stated, “S&P has upgraded our credit rating from B+ to BB-. We are the only country this year to have received a two-notch upgrade from all three major credit rating agencies.”
Simsek pointed out the key factors behind this upgrade, including economic stabilization, a decreasing current account deficit, reduced external financing needs, the stability of the Turkish lira, strengthening reserves, and the ongoing disinflation process.
He further noted, “The positive developments we have achieved through our program have also lowered our country risk premium and significantly improved our external borrowing costs. Market indicators suggesting a higher rating indicate that positive trends will continue in the coming period.”
Simsek’s remarks reflect an optimistic outlook on Türkiye’s economic future, as updates from international credit rating agencies are expected to enhance market confidence.
