Hürriyet – International credit rating agency Moody's Investors Service raised Turkey’s government bond rating one notch to Ba1 from Ba2.

The statement from the agency cited improvements in the country’s public finances and the increased resilience of the government’s balance sheet to financial shocks. Maintaining the positive outlook on the country, Moody’s also noted the effective steps taken towards addressing the current account deficit. Turkey unveiled an extensive investment incentive scheme recently, aimed at cutting down imports in key sectors like automotive, aerospace and defense.

The country’s booming economy has one of the fastest growth rates in the world, having expanded 8.5 percent in 2011.