S&P affirms Turkey's credit rating

WASHINGTON

The Standard & Poor's (S&P) rating agency kept Turkey's credit rating unchanged late Friday.

Turkey's long-term foreign currency credit rating remained at B+, while its long-term local currency credit rating was also preserved at BB-.

The outlook is stable, said the agency and added that Turkey's economy in 2020 grew 0.9% due to credits incentives because of the coronavirus pandemic.

In July, S&P forecasted Turkey's economy would shrink 3.3% in 2020.