S&P upgrades Turkeys local currency ratings.

By bne IntelliNews September 21, 2011
S&P upgraded local currency sovereign ratings on Turkey to investment grade at BBB-/A-3 from BB+/B, affirming the national scale ratings. S&P also affirmed the foreign currency sovereign ratings on Turkey at BB/B. S&P says that the local-currency upgrade reflects its view of continuing improvements in Turkeys financial sector and the deepening of local markets and explains that its positive outlook indicates that S&P sees ratings upside. The statement furthers that S&P sees Turkeys external position as the weakest element in its credit profile.

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