| Moody's announces in a statement that it changed the outlook on Turkey's Ba2 local and foreign currency government bond ratings to positive from stable. The statement details that Moody's decision to change the outlook was prompted by improvements in the country's economic and fiscal resilience. Moody's also changed the outlook on Turkey's Ba1 foreign currency bond ceiling and the Ba3 foreign currency deposit ceiling to positive from stable. Moody's vice president, Sarah Carlson, says that Turkey's economy has proven to be unexpectedly robust and has recovered to pre-crisis levels. A potential upgrade to Ba1 is contingent upon a further strengthening of Turkey's fiscal fundamentals, particularly in light of the country's significant external vulnerabilities, such as the large current account deficit and the country's reliance on portfolio investment flows, rather than foreign direct investment, to fund the current account deficit, according to Carlson. |
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