2024 Turkey Credit Rating Calendar Announced

Credit Rating Agencies Are Highlighting Turkey

Next year, Moody's, Fitch Ratings, and Standard & Poor's (S&P) will publish a total of six credit rating reports for Turkey.

Expectations for a Significant Rating Upgrade from Moody's

Moody's plans to raise Turkey's credit rating two notches from "B3" to "B1" on July 19, 2024. This agency had most recently raised the credit rating from "B1" to "Ba3" on July 25, 2024, but indicated that the rating outlook was "stable."

Fitch Ratings and S&P's Timeline

Fitch Ratings confirmed the credit rating as "BB-" in its assessments on January 31 and July 25. Next year, it is anticipated that this rating could rise from "B+" to "BB-" on September 6, 2024.

S&P aims to make follow-up updates in its reports on April 25 and October 17. Finally, on November 1, 2024, it could upgrade Turkey's credit rating from "B+" to "BB-."

A Positive Indicator for Turkey: Credit Rating Upgrade

Prof. Dr. Erhan Aslanoğlu, a faculty member of the Economics Department at Istanbul Bilgi University, emphasized that credit rating upgrades for Turkey are possible in 2024 and stated:

"Among the factors assessed by credit rating agencies, monetary policy, foreign exchange reserves, and current account balance are prominent. The current account deficit is at manageable levels, and the Central Bank's reserves are increasing. This creates a more solid ground for a credit rating upgrade."

General Economic Outlook

Aslanoğlu noted that Turkey's overall macroeconomic indicators support the likelihood of a credit rating increase. Additionally, the decrease in the 5-year credit risk premium (CDS) rates positively influences Turkey's risk perception.