Turkish Treasury and Finance Minister Mehmet Şimşek pointed out that Turkey became the only country to have its rating upgraded by two notches in a year by the three main international credit rating agencies: Moody's, Standard & Poor's, and Fitch.
Şimşek commented on Standard & Poor's decision to upgrade Turkey's credit rating from B+ to BB-, saying that "economic stability, the stability of the lira, the decline in the current account deficit and the need for external financing, the strengthening of central bank reserves, and the slowdown in the path of inflation were effective factors in increasing the rating."
"The positive developments we have achieved through our economic program have also reduced Turkey's risk premium and significantly improved external borrowing costs," he said.
