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Fitch Upgrades Turkey's Credit Outlook Amid Rising Reserves

1/25/2026

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Story summary

Fitch Ratings upgraded Turkey's credit outlook to 'positive' from 'stable' and kept its long-term foreign-currency rating at BB-.
The upgrade followed reserves rising to $205 billion in mid-January from $155 billion at end of 2024.
Treasury Minister Simsek said the development could lead to a further rating increase.
Fitch projects inflation to fall to 19.5% by end-2027 with 3.5% GDP growth in 2026, despite political risks and high debt remaining.

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Story summary

Fitch Ratings upgraded Turkey's credit outlook to 'positive' from 'stable' and kept its long-term foreign-currency rating at BB-.
The upgrade followed reserves rising to $205 billion in mid-January from $155 billion at end of 2024.
Treasury Minister Simsek said the development could lead to a further rating increase.
Fitch projects inflation to fall to 19.5% by end-2027 with 3.5% GDP growth in 2026, despite political risks and high debt remaining.