Minister of Treasury and Finance Mehmet Şimşek made important statements regarding S&P’s credit rating on his social media account:
S&P upgraded our credit rating from B+ to BB-. We are the only country whose rating was increased by two notches by the three major credit rating agencies this year. The stabilization of the economy, decreasing current account deficit and external financing need, stability of the Turkish lira, strengthening reserves and disinflation process were effective in the increase in the rating.
These positive developments achieved with our program have also reduced our country risk premium and provided a significant improvement in our external borrowing costs. Our market indicators implying a higher rating indicate that positive developments will continue in the coming period.
