Fitch affirms Türkiye’s ‘BB-’ rating with stable outlook
Fitch Ratings has affirmed Türkiye’s long-term issuer default ratings at “BB-” with a stable outlook, citing persistent inflation and external financing risks alongside low public debt and a large, diversified economy.
The agency said the rating was constrained by Türkiye’s history of very high inflation, limited external liquidity relative to its financing needs, governance weaknesses and previous political interference in monetary policy that damaged policy credibility.
Supporting factors included low government debt, per capita income above the median for similarly rated countries, continued access to external financing during periods of stress and a resilient banking sector.
Fitch expects inflation to ease from 32 percent in June to 29.5 percent at the end of 2026 and 18 percent by the end of 2028. The rates would remain among the highest across the sovereigns it rates.
