First note upgrade in six years

Standard and Poor’s has pointed out the decreasing level of government debt as the reason behind the upgrade.

International credit rating institute Standard and Poor’s has for the first time since 2004, raised Turkey’s credit rating in long-term foreign currency from BB- to BB. In addition, the institution has changed their outlook to positive. According to the new credit rating, Turkey is just one grade away from being a country recommended for investing.

The upgrade is claimed to be due to the decreasing government debt and to the government’s flexibility in economic policy. The firm also announced; “Turkey has decreased the debt burden in a stable manner, while the financial sector has remained solid despite the negativity in foreign markets. With a positive outlook, in the next 12-24 months, Turkey may even be granted another upgrade.”