S&P revises Türkiye's rating outlook to stable

MarketWatch - Standard & Poor's revised Türkiye's credit rating outlook to stable from negative, citing the country's diminished near-term political uncertainties following the July 30 decision of the Constitutional Court not to ban the ruling Justice and Development Party. "The resulting improved prospects for policy continuity and political stability will likely bolster investor confidence, widening the sources for the financing of Türkiye's large current account deficit," said Standard & Poor's credit analyst Farouk Soussa in a statement. The ratings agency also affirmed Türkiye's BB-/B foreign currency credit ratings. If the government continues to reduce the economy's vulnerability to external financing shocks through continued reform and fiscal consolidation, the ratings on Türkiye could improve, S&P said.