Credit rating agencies evaluate the fund crisis in Turkey

International credit rating agencies Fitch Ratings and S&P Global Ratings shared their assessments regarding the fund investigations that have recently come to the agenda in Turkey. Both institutions stated that the ongoing process has not turned into a macroeconomic or systemic crisis at its current stage and is not seen at a level that would affect the credit rating.

Joint Statement from International Institutions

Fitch Ratings and S&P Global Ratings shared their detailed assessments regarding the fund investigations in Turkey with the public. In the joint message of the two organizations, it was emphasized that the process is being closely monitored but, in its current state, it has not led to a systemic crisis.

S&P Global Ratings' Assessments

S&P Global Ratings announced in its statement on October 3 that it does not expect a downward pressure on Turkey's credit rating. S&P Turkey analyst Karen Vartapetov stated that the regulatory measures and policy responses taken by the authorities were swift and convincing.

Karen Vartapetov noted that there is no strong evidence that the fund investigation has significantly damaged confidence in the Turkish economy. Stating that no significant reaction was observed in areas such as exchange rates and banking liquidity, Vartapetov conveyed that the next scheduled credit rating review is expected to take place on October 16, 2026.

Fitch Ratings' Approach

From the Fitch Ratings front, Douglas Winslow, Senior Director responsible for Turkey, described the events as a negative development in his statement on September 29. Winslow reported that they do not expect this situation to lead to a change in Turkey's credit rating at the current stage.

Douglas Winslow added that no dollarization pressure stemming from the fund crisis has emerged and they do not foresee any systemic risk towards the financial system.