Fitch Ratings revised Turkey's sovereign credit rating outlook to 'positive' from 'stable' and affirmed the debt grade at 'BB-' on January 23, 2026, reflecting increased confidence in the country's economic trajectory. The move follows a series of improvements that lifted Turkey from a “B” rating in mid-2022 to its current BB- level. The agency cited a significant strengthening of foreign exchange reserves, reduced external vulnerabilities, the continuation of fairly tight macroeconomic policies, and some reduction in the risk of marked policy loosening as key drivers. It noted that gross foreign reserves had risen to $205 billion in mid-January from $155 billion at the end of 2024, while net reserves excluding swaps had recovered to $78 billion from minus $66 billion in March 2024. S&P's credit rating for Turkey stands at BB- with stable outlook. Moody's credit rating was last set at Ba3 with stable outlook. DBRS' credit rating was last reported at BB (high) with negative outlook.