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International rating agency S&P Global Ratings (S&P) has affirmed Turkey's long-term foreign currency sovereign credit rating at "B+" with a negative outlook, the agency said in a release.
The country's long-term local currency rating was lowered to "B+" from "BB-".
"In our view, the negative outlook reflects growing risks to the balance of payments and financial stability over the next 12 months amid the economic consequences of Russia's special operation in Ukraine, tighter monetary policy worldwide and possible policy mistakes ahead of parliamentary and presidential elections in Turkey in mid-2023," the agency explained.
source: spglobal.com
The country's long-term local currency rating was lowered to "B+" from "BB-".
"In our view, the negative outlook reflects growing risks to the balance of payments and financial stability over the next 12 months amid the economic consequences of Russia's special operation in Ukraine, tighter monetary policy worldwide and possible policy mistakes ahead of parliamentary and presidential elections in Turkey in mid-2023," the agency explained.
source: spglobal.com
