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<\/p>\nMoody\u2019s on Friday upgraded T\u00fcrkiye\u2019s ratings citing a strengthening track record of effective policymaking, easing of inflationary pressures and drop in economic imbalances, while changing the outlook to stable from positive.<\/p>\n
The sovereign credit rating was raised from “B1\u201d to \u201cB3a\u201d.<\/p>\n
Moody\u2019s said the upgrade reflects the strengthening track record of effective policymaking, more specifically in the central bank’s adherence to monetary policy that durably eases inflationary pressures, reduces economic imbalances, and gradually restores local depositor and foreign investor confidence in the Turkish lira.<\/p>\n
The upgrade also reflects the view that the risk of a policy reversal has receded, although it will remain present in the coming years, it said.<\/p>\n
The reason for the stable outlook was that it balances upside and downside risks to T\u00fcrkiye\u2019s credit profile.<\/p>\n
\u201cOn the upside, extending the track record of effective policymaking without political interference has the potential to support the improvement in T\u00fcrkiye’s external position more substantially than we currently assume,\u201d Moody\u2019s said.<\/p>\n
\u201cFurthermore, the government’s ongoing and planned structural reforms could improve T\u00fcrkiye’s resilience to external shocks by further reducing its energy import dependence and increasing the competitiveness of exports,\u201d it added.<\/p>\n
In July 2024, Moody\u2019s upped T\u00fcrkiye\u2019s credit ratings by two notches from \u201cB3\u201d to \u201cB1\u201d and changed its outlook to positive, marking its first upgrade for T\u00fcrkiye in more than a decade.<\/p>\n
The credit rating firm’s calendar for this year set the first credit rating review date for T\u00fcrkiye as Jan. 24, but Moody’s had not made a decision regarding T\u00fcrkiye’s credit rating at that time.<\/p>\n
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