Turkey Gets Investment Grade First Time Since ’94 From Fitch
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Turkey received its first investment-grade ranking since 1994 after Fitch Ratings raised the country by one level, citing an easing in economic risk and lower debt. Stocks and bonds rallied to record levels.
Fitch boosted Turkey’s foreign-currency ranking to BBB-from BB+, with a stable outlook, according to a statement today. Turkish yields extended the biggest drop in emerging markets this year, with the rate on benchmark two-year lira notes touching an all-time low of 6.8 percent. The benchmark ISE National 100 Index reached its highest on record.