The Türkiye decision of FTSE Russell, a leading index provider that creates stock and bond indices for global financial markets around the world, increased confidence in domestic markets. Statements for Turkish markets came from institutions such as S&P Global Ratings, Fitch Ratings and Moody's Ratings.
International index provider FTSE Russell did not change Türkiye's market status in its annual country classification report published on October 6. While Türkiye maintained its "Advanced Emerging Market" status, it was not included in the watch list where possible classification changes were evaluated.
Türkiye'S STATUS HAS NOT CHANGED
FTSE Russell announced that Türkiye's Advanced Emerging Market status, defined as "Advanced Emerging market", remains unchanged.
The institution reported that negotiations with Borsa Istanbul and the Capital Markets Board (CMB) continued after the postponement of some index changes for Türkiye in the September 2026 index evaluation.
FTSE Russell stated that the basis of the discussions was to evaluate the feasibility of presenting the data published by the Central Registry Agency (MKK) on a more detailed level, which forms the basis for the figures of shares in actual circulation.
Türkiye WAS NOT INCLUDED IN THE WATCH LIST
In the FTSE Russell report, it was particularly emphasized that Türkiye was not included in the Watch List, where possible classification changes are evaluated.
The institution stated that Türkiye's market status will continue in its current form.
For Türkiye, the report said, "FTSE Russell does not include Türkiye in its Watch List and its Advanced Emerging Market status remains unchanged."
NEGOTIATIONS WITH BORSA ISTANBUL AND CMB CONTINUE
FTSE Russell stated that contacts with Borsa Istanbul and CMB continued after some changes regarding Türkiye were postponed in the index review in September.
The institution stated that opportunities to make the data that forms the basis of the actual circulation rates published by MKK more detailed are being evaluated.
While these studies are ongoing, Türkiye's not being included in the watch list where possible status changes are evaluated means that the current market classification is preserved.
EGYPT REMOVED FROM THE LIST, OMAN WAS ADDED
Changes were also made to other countries in FTSE Russell's annual review. While Egypt was removed from the watch list, Oman was added to the watch list for evaluation of possible status upgrade. FTSE Russell's announcement of the next interim review is expected to be published on 6 April 2027.
FITCH: WE DO NOT EXPECT SYSTEMIC RISK
One of the first statements among major credit rating agencies came from Fitch Ratings. Making a statement after the fund crisis, Douglas Winslow, Country Rating Senior Director Responsible for Türkiye, described the events in the fund market as a negative development in his assessment on September 29, but said that they did not expect an impact on Türkiye's credit rating at the current stage.
NO DOLLARIZATION RISK
Pointing out that the fund crisis did not create dollarization pressure in the overall economy, Winslow commented that "we do not expect systemic risk" in terms of the financial system.
Fitch manager's assessments regarding Türkiye's resilience to external shocks also attracted attention. Winslow stated that following the improvement in reserves, the current reserve level creates a stronger buffer against possible shocks.
THERE WILL BE NO DOWNWARD PRESSURE ON THE CREDIT SCORE
Another assessment came from S&P Global Ratings. Credit rating agency Central and Eastern Europe and Commonwealth of Independent States Country Credit Ratings Director and Lead Analyst Karen Vartapetov said in her assessment on October 2 that they do not expect the developments regarding the funds to create downward pressure on Türkiye's credit rating if they remain isolated in their current form.
AN ISOLATED SITUATION
Vartapetov made statements that the negative effects will remain limited if households maintain their trust in real assets denominated in TL. Vartapetov stated that there was no significant reaction in the exchange rate, dollarization and liquidity of the financial and banking sector. Evaluating the fund investigation as a 'quite isolated situation', Vartapetov pointed out that there was no significant reaction in the exchange rate, dollarization and liquidity of the finance and banking sector.
CREDIT RISK LIMITED
In its assessment published on October 2, Moody's Ratings stated, "Türkiye's credit risk arising from the 'fund flight' crisis is limited."
Thus, Moody's, one of the three major international credit rating agencies, defined the credit risk arising from the fund crisis as "limited". However, the organization placed a more pronounced emphasis on the audit dimension compared to S&P and Fitch evaluations.
Moody's assessment points out that the credit impact of the crisis at its current stage and the surveillance and audit problems arising from the event should be evaluated separately.
