S&P upgrades Türkiye's credit rating outlook

S&P Global Ratings agency has confirmed Türkiye's long-term sovereign credit rating at “B” by changing its outlook to stable from negative.

“The stable outlook reflects a return to more conventional and consistent policy that reduces near-term risks to macro-financial stability and eases pressure on the balance of payments,” Prime reports citing an S&P press release.

The agency may downgrade Türkiye's ratings if pressure on the country's balance of payments increases or the domestic political situation greatly deteriorates.

S&P may upgrade the country's ratings if confidence in current monetary policy increases.