Fitch Ratings on Friday revised Turkey’s outlook to “stable” from “positive”, citing a sharp erosion in foreign exchange reserves due to heavy intervention to support the lira and rising risks from the Iran conflict. The credit rating agency said the country has burned through more than $50 billion in reserves to support the lira since the start of the Iran war and now faces additional risks from a longer regional conflict. However, the agency affirmed Turkey’s foreign currency credit rating at BB-. Fitch noted that Turkey still has strengths, including a large economy, relatively low government debt, and a banking sector it described as resilient, despite high inflation. Standard & Poor’s credit rating for Turkey stands at BB- with a stable outlook. Moody’s credit rating for Turkey was last set at Ba3 with a stable outlook. DBRS’s credit rating for Turkey was last reported at BB (high) with a negative outlook.

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