Credit rating agencies' assessment of Turkey

Fitch Ratings and S&P Global Ratings reported in their assessments regarding the fund investigations in Turkey that they do not expect the current situation to create an immediate pressure on the credit rating and do not foresee a systemic risk.

Fitch Ratings Assessment

Fitch Ratings made a statement on September 29 through Douglas Winslow, Senior Director responsible for Turkey, evaluating the events as a negative development. However, the agency stated that it does not expect this situation to have an immediate impact on Turkey's credit rating and that no systemic risk has emerged.

S&P Global Ratings Approach

S&P Global Ratings shared a similar but conditional assessment on October 3. Karen Vartapetov, Turkey analyst, stated that they do not expect developments regarding the funds to create downward pressure on the credit rating provided they remain isolated.

Policy Responses and Measures

Emphasizing that the regulatory measures taken by authorities and the policy response were swift and convincing, Vartapetov stated that the process has been brought under control. It was noted that no negative impact spreading across the financial system as a whole was observed.