S&P Global Ratings has affirmed its unsolicited “BB-/B” foreign and local currency long- and short-term sovereign credit ratings on Türkiye, with the outlook stable. The affirmation reflects S&P's belief that Türky will weather the ongoing energy price shock and avoid further depletion of foreign exchange (FX) reserves. The ratings could be raised if Türkky's FX reserves recover and progress is made towards reducing inflation to single digits.