Fitch Ratings affirmed Turkey's credit rating at 'BB-' late Friday with a stable outlook.

"Turkey's ratings reflect weak monetary policy credibility, high inflation, low external liquidity in the context of high financing requirements and geopolitical risks," the global rating agency said in a statement.

Fitch said it expects inflation to ease to 16.9% by the end of the year due to a favorable base effect and slowing domestic demand.

The agency revised up Turkey's 2021 growth forecast to 7.9%, from its previous estimate of 6.3% in June, because of strong performance in the first quarter and continued resilience in economic activity.

It also expects the full-year current account deficit to decline to 3% of the gross domestic product in 2021, from 5.2% in 2020, as tourism export receipts improve year-on-year in the second half of the year.

Fitch revised Turkey's outlook to stable, from negative on Feb. 19.