Economy in Turkey: Moody’s says “change in economic policies after the election is positive for credit rating”

Turkey’s credit rating had been downgraded to non-investment grade in recent years by the three major rating agencies due to unconventional monetary policies and currency crises.

Moody’s, the credit rating agency, indicated that the benefits of returning to traditional economic policies would begin to be seen after the elections, suggesting that Turkey’s credit rating could also improve if it continued to stick to these policies.

Turkey’s credit rating had been downgraded to non-investment grade by the three major rating agencies in recent years due to unconventional monetary policies and currency crises.

Moody’s analyst Dietmar Hornung stated that the change in policy approach was definitely positive for the credit outlook but emphasized that there were still some important uncertainties. Moody’s, which has maintained Turkey’s credit rating at B3 with a stable outlook, will update its credit rating in December.

On the other hand, Fitch, which has assigned a lower credit rating and a negative outlook, will announce its update on Friday.