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.