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Turkey Raised to Investment Grade by Moody’s on Debt Cuts

Turkey’s first investment-grade rating from Moody’s Investors Service in two decades sent bond yields to record lows as stocks rallied.

Moody’s said in a statement yesterday that it lifted Turkey’s government bond ratings by one step to Baa3, the lowest investment grade, from Ba1. The move puts Turkey’s credit rating at the same level as Spain, Colombia and India. The outlook was set at stable.