Turkey Wins Rating Upgrade From Moody’s After Over a Decade

Moody’s Ratings raised Turkey’s credit rating for the first time in more than a decade, marking the latest milestone in the country’s efforts to return to orthodox economic policies.

The rating was upgraded two notches to B1, from B3, with a positive outlook. Turkey still remains four notches below investment grade, on par with Jordan and Bangladesh. The move follows upgrades by S&P Global Ratings and Fitch Ratings, as Turkey’s return to conventional policies has led to a turnaround in inflation and a rapid increase in the central bank’s foreign exchange reserves.