Turkey's economic resilience leads to improvement in investment ratings
Turkey has had its handling of the economic crisis rewarded as ratings firm Moody has upgraded its investment ranking.
The country is now rated Ba3 and its investment outlook was raised from stable to positive. This is said to reflect Turkey's capacity to absorb economic shocks and its resilience in the face of recession.
Sarah Carlson, an analyst at Moody’s in London, said: "The ability of the government and the country more generally to regroup when faced with a very significant economic and financial challenge indicates that Turkey has reached a higher level of resiliency."
Interest rates in Turkey have been reduced by more than 10 percentage points since November 2008 by the Central Bank in a bid to cushion to country against the global economic crisis. The bank took the decision in December to not lower the overnight borrowing rate any further following 'a moderate pace' of economic recovery.
Timothy Ash, an analyst at Royal Bank of Scotland, said told Reuters that "it's a bit disappointing that Moody's only moved one notch".
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