Moody's changes outlook on Turkey's ratings to positive.

By bne IntelliNews October 6, 2010
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.

Related Articles

PKK leader Ocalan calls for ceasefire and withdrawal of militants from Turkey.

The jailed leader of the PKK, Abdullah Ocalan, called for a ceasefire on Thursday, ordering armed PKK militants to withdraw from Turkey. Hundreds of thousands of people gathered in the city of ... more

Syrian government says Turkey responsible for chemical attack.

The Syrian government said the rebel groups foreign supporters, Turkey and Qatar, were responsible for a chemical attack in Aleppo. The countries that back and support the rebels, including ... more

Erdogans comments on Zionism clouds US secretary of states Turkey visit.

US secretary of state John Kerry was in Ankara on Friday for talks with the Turkish leaders, including PM Recep Tayyip Erdogan and President Abdullah Gul, focused on the crisis in Syria, ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335