The international credit rating agency, Fitch affirmed Friday Turkey's long-term foreign and local currency Issuer Default Ratings (IDR) as "BB," changing the outlook to "stable" from "negative."

Earlier in September, an expert from Fitch had said Turkey executed a "very impressive" bounce back from the challenges it faced last summer.

"Turkey has shown a very impressive resilience, flexibility, and recovered and stabilized from the financial crisis of last summer," Ed Parker, Fitch Ratings managing director for Europe, Middle East, and Africa EMEA region, told a global conference in London.

Pointing to Turkey's strong fundamentals, Parker said the country's sovereign balance sheet, low government debt and private banks are in relatively good shape.

He also praised the dynamism and flexibility of the Turkish private sector.