S&P affirms Turkey’s credit rating
The Standard & Poor’s (S&P) rating agency kept Turkey’s credit rating unchanged late on August 2. Turkey’s long-term foreign currency credit rating remained at B+, while its long-term local currency credit rating was also preserved at BB-. S&P also affirmed the country’s shortterm foreign and local currency sovereign credit ratings, which were both B. In a written statement, the U.S.-based credit rating agency said: “Despite the absence of a coordinated and proactive policy response, the Turkish economy and banking system will navigate existing challenges over the next year, helped by the U.S. Federal Reserve’s looser monetary policy.” It noted that the agency could raise the rating if the Turkish government increased the economy’s credibility and transparency.