International credit rating agency S&P Global Ratings (Standard & Poor's Ratings Services) has announced that it has revised its outlook on Turkey to stable from negative and affirmed its foreign and local currency sovereign credit ratings at 'BB' and 'BB+', respectively.
S&P stated that the outlook revision reflects its view that policymakers will continue to move towards the implementation of key economic reforms, as originally communicated more than two years ago in Turkey's 10th Development Plan 2014-2018, and that these efforts, although subject to risks, will help underpin economic stability, despite remaining domestic and external risks.
In July this year, S&P had lowered its foreign and local currency sovereign credit ratings on Turkey to 'BB' and 'BB+', respectively, from 'BB+' and 'BBB-' after the attempted coup on July 15.