Fitch upgrades Türkiye outlook to positive, affirms BB- rating
Fitch Ratings revised Türkiye’s outlook to positive on Friday while maintaining its long-term foreign-currency issuer default rating at BB-. The move reflects a faster-than-expected improvement in the country’s external buffers, signaling enhanced financial stability.
The international rating agency highlighted a rise in gross foreign exchange reserves to $205 billion as of mid-January, up from $155 billion at the end of 2024. Net reserves, excluding swaps, recovered to $78 billion from minus $66 billion in March 2024. Fitch also cited a reduction in foreign-currency contingent liabilities and continued relatively tight macroeconomic policies.
Fitch projected Türkiye’s external liquidity to approach 100% by 2027, up from 80% at the end of 2024, supported by sustained access to external financing and a resilient banking sector. The agency emphasized that Türkiye’s large and diversified economy and low government debt continue to underpin the country’s credit rating.
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