S&P has increased Turkey’s credit rating to “B”
International credit rating institution Standart and Poor's has declared that they have increased the credit rate of Turkey from B minus to B. It is stated that, the escalation of the credit rate reflects the improvement of the new government's application of IMF-supported economic program. S&P credit analysts have stated that, as a result of fiscal adjustments and a decrease in the reel interest, there has been a decrease in public debt and this situation helps Turkish Lira gain value and exchange rate and foreign exchange reserves become firm. Additionally, they have stated that, for the period of 2003/04, Turkey will not be able to realize its targeted primary surplus, however if the government executes the fiscal-consistency program successfully, a rise in Turkey's credit rate is also possible. According to S&P analysts, decrease in the limits of reel interest holds great importance for the success of IMF economic program.