3/28/2013

S&P upgrades Turkey’s credit rating

Zaman - Credit rating agency Standard&Poor’s (S&P) has raised Turkey’s sovereign credit rating to ‘BB+’, up from ‘BB’, one notch below the investment grade.


The statement from S&P on the rating upgrade said that the Turkish economy was finding its balance without hindering its strong fiscal performance. “Turkey’s floating exchange rate regime, cautious limits on foreign-exchange lending and deepening local currency capital markets increase the economy’s resilience”., the statement read. S&P left the country’s outlook as ‘stable’.


Another rating agency, Fitch Ratings, upgraded Turkey’s sovereign rating to ‘investment grade’ late last year.

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