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Fitch Upgrades Turkey to Investment Grade
Fitch Ratings has upgraded the Republic of Turkey's Long-term foreign currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and the Long-term local currency IDR to 'BBB' from 'BB+'. The Outlooks on the Long-term ratings are Stable. The agency has also upgraded Turkey's Short-term foreign currency IDR to 'F3' from 'B' and the Country Ceiling to 'BBB' from 'BBB-'. RATING RATIONALE The upgrade to investment grade reflects a combination of an easing in near-term macro-financial risks as the economy heads for a soft landing and underlying credit strengths including a moderate and declining government debt burden, a ... (full story)