Scope Ratings Confirms Turkey’s Credit Rating

Scope Ratings has affirmed Turkey’s long-term credit rating at BB- and short-term rating at S-3, maintaining a stable outlook, signaling continued confidence in the country’s macroeconomic management despite persistent inflation pressures.

Economic Stability Gains Ground

In its latest assessment, the international credit rating agency pointed to disinflation efforts, fiscal discipline, and rising foreign exchange reserves as the key factors supporting Turkey’s sovereign credit profile.

Scope emphasized that while inflation remains well above the Central Bank of Turkey’s official target, the government’s commitment to macroeconomic stabilization and policy normalization has helped restore a degree of investor confidence.

Inflation and Interest Rate Forecasts

According to the report, average inflation for 2025 is projected at 35%, reflecting a gradual cooling trend but still significantly higher than the Central Bank’s long-term target.

Scope also expects the policy interest rate to stand at 38.5% by the end of 2025, and to ease to 33.5% by the end of 2026, aligning with forecasts of a measured monetary easing cycle as price pressures subside.

Reserves and Fiscal Outlook Support the Rating

The agency highlighted Turkey’s strengthened reserve position, crediting recent foreign inflows, tight fiscal controls, and improved external balance for stabilizing short-term risks.
However, it also warned that elevated inflation, geopolitical uncertainties, and external financing needs continue to pose challenges for sustained improvement in Turkey’s creditworthiness.