Turkey's credit rating has been upgraded by S&P Global Ratings for the second time this year, reflecting positive economic developments. The long-term sovereign rating has been raised by one notch to BB-, with the outlook adjusted to stable.
This upgrade is attributed to Turkey's efforts in reserve accumulation and disinflation. However, despite the upgrade, Turkey's credit rating remains three levels below investment grade, indicating ongoing economic challenges.
The announcement was made in a statement released via Bloomberg Terminal, emphasizing the significance of this development for investors and market analysts.