Ankara- Turkey’s outlook was revised up to ‘stable’ from ‘negative’, global ratings agency Standard & Poor’s (S&P) said. Turkey’s foreign and local currency credit ratings, meanwhile, remained unchanged at ‘BB’ and ‘BB+’, respectively, according to the agency.

The upgrade reflects the Turkish economy’s resilience against regional and domestic risks, as the agency said it believes Turkish policymakers would continue to implement reforms for economic stability.

The agency expected the Turkish economy to grow up to 3.2% in 2017.

Turkish Prime Minister Binali Yildirim downgraded growth expectations of the economy, in the most recent medium term economic programs announced in October. Yildirim stated that the economy will grow 3.2% in 2016 and 4.4% in 2017.

During the second quarter of current year, economic growth increased 3.1% compared to 4.7% in the first quarter– in the first half, it reached 3.9%.

The Turkish Minister of Finance Naci Ağbal expected the country to achieve a greater growth in the fourth quarter of the year, in a way that permits Turkey to exceed the expected growth average for 2016 (3.2% as determined by the medium term economic program).

Earlier, Standard & Poor’s downgraded its credit rating for Turkey, citing the failed coup and political turmoil. The rating agency lowered its main sovereign rating for Turkey to BB/B from BB+/B. S&P said it expects a period of heightened unpredictability in the country and maintains a negative outlook, which indicates that further downgrades are possible.

It said in a statement: “The negative outlook reflects our view that Turkey’s economic, fiscal, and debt metrics could deteriorate beyond what we expect, if political uncertainty contributed to further weakening in the investment environment.”