Turkey’s Credit Rating raises two notches21/09/2011
Turkey’s Credit Rating raises two notches,
21 September 2011
Turkey’s Credit Rating raises two notches, and for the first time in Turkish history, Turkey is rated as an investment-grade country…
U.S.-based Standard and Poor credit ratings agency read “The local-currency upgrade reflects our view of continuing improvements in Turkey’s financial sector and the deepening of local markets.” S&P also confirmed Turkey’s foreign-currency sovereign rating at BB with a positive outlook for the future.
With this news hitting the stock exchange markets, The Istanbul Stock Exchange National 100 index surged 4.6 percent and the Turkish Lira strengthened 1.9 percent against the Dollar. The outlook for Turkey looks very, very positive.
S&P stated that they could raise the ratings on Turkey even more should the nation manage to reduce its current account deficits and slow domestic credit growth without hampering its fiscal accounts or financial sector stability – don’t doubt on Turkey not being able to do just that. Turkey is expanding and growing at an unprecedented rate.
While Turkey is seeing their credit rating rise with S&P, other leading countries such as the United States, France, and Italy have all suffered lately with struggling economies and as a consequence seen their credit rating grade dropped by S&P. These high profile countries can only look on in envy as Turkey’s credit rating gets stronger as the whole world tries to deal with the current economic woes affecting so many countries finances.
Turkey is a country that is on the rise, in times of economic struggles around the globe, the fact that Turkey has seen its credit rating raised by S&P signifies the current strength of the nation. The impacts of this will be significant and go a long way to securing Turkish aims to be one of the world’s leading economies by 2023. Turkey is uniquely placed within the world; the future for Turkey looks healthy in times of economic crisis around the world.
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