S&P Global: Turkey’s Foreign and Local Currency Sovereign Credit Ratings Affirmed; Outlook Stable

S&P Global Ratings (S&P Global) affirmed Turkey’s unsolicited foreign-currency sovereign credit rating at B+/B and its unsolicited local-currency sovereign credit rating at BB-/B, with a Stable Outlook. Turkey’s unsolicited national scale ratings have also been affirmed at trAA+/--/trA-1+, according to S&P Global.

According to S&P Global, the ratings are based on the negative effects of COVID-19 on the Turkish economy. Despite the pandemic appearing to be under control, evident by a steady decline in new cases reported, S&P Global expects Turkey’s recovery and economic normalisation to be gradual. With economic growth anticipated to recover in the second half of 2020, S&P Global...