JCR upgrades Turkey ratings to BB.

By bne IntelliNews February 2, 2010
The Japan Credit Rating Agency (JCR) upgraded its ratings on Turkey s foreign and local currency long-term senior debts from BB to BB. The outlook od the ratings is stable. The ratings reflect the countrys improved resilience to external shocks in the face of the global financial crisis, JCR says. The real GDP growth rate was estimated to have contracted 5% in 2009 but a growth higher than 5% may be within reach for 2010 thanks to the base effect according to JCR. It is crucial for the country to maintain its political and social stability as well as its international confidence by taking advantage of its new relationship with the IMF and EU reforms, the statement by JCR reads. Separately, Fitch expects GDP to grow 4% this year.

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