Standard & Poor’s adjusts its outlook for Turkey to positive

Standard & Poor’s Ratings revised Turkey’s sovereign credit outlook to positive from stable with a declining double deficit, and affirmed its rating at B.

Standard & Poor’s said on Thursday that the amendment comes in light of recent policy changes, including the central bank raising the key interest rate last week to 40 percent, in addition to “the current account surplus recorded in September, and the recovery of usable reserves during the first 17 days of the year.” November.

The B rating is five notches below investment grade. A positive outlook means the rating could be improved but is not tied to a timetable.

Data issued Thursday showed that the net international reserves of the Turkish Central Bank rose by about seven billion dollars to 35.81 billion dollars in the week ending November 24, recording their highest levels since March 2020.