Posted by: youngragingbull | May 16, 2013

Turkish bonds recover investment grade from Moody’s

Turkish government bonds were upgraded one notch to Baa3 by Moody’s Investors Service on Thursday.

The move puts Turkey back into the rating agency’s investment-grade range for the first time since 1992, according to The Wall Street Journal. Fitch Ratings upgraded Turkey to investment grade six months ago.

Moody’s cited improvement in economic and fiscal metrics and a reduction in its debt burden by 10 percentage points to 36% of GDP. The rating agency also credited Turkey with reforming its government policies to improve financial controls.

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