Standard & Poors raises Turkey’s rating
International credit rating agency Standard & Poors (S&P) has increased
Turkey's long term foreign currency rating to BB- from B+ and increased
Turkey's long term local currency rating to BB from BB-. In addition, S&P confirmed the ’B' levels of both the short term foreign currency and local currency ratings.
The agency also maintained the outlook on both ratings as stable. Further, S&P emphasized that the upgrade in
Turkey's currency ratings is a reflection of the progress
Turkey has made in stabilizing the country's macroeconomic situation and the expectation that the country will strictly adhere to a strict macroeconomic programs beyond 2004.
S&P also stated that
Turkey's progress in qualifying for EU accession talks and strengthening of the country's public finances would be likely to further improve
Turkey's rating. On the other hand, the agency also warned that a regression of economic policies would again put downward pressure on
Turkey's ratings.