Moody's Raises Outlook For Turkey's Ba3 Ratings To Positive

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Friday, the Moody's Investors Service raised the outlook on the Turkish government's Ba3 bond ratings to positive from stable.

"The positive outlook acknowledges that the Turkish economy was better prepared to face the credit crunch and the resulting global recession than would have seemed possible given its dependence on external capital," Kristin Lindow, the Regional Credit Officer for Europe and Africa in Moody's Sovereign Risk Group said.

Lindow added that the government did not have to rely on external support from the International Monetary Fund or other financial sources as it had needed in the past.

The rating agency also revised the outlook on Turkey's B1 foreign currency bank deposit ceiling to positive from stable. The outlook on the Ba1 foreign currency debt ceiling remained stable.

Friday, the Moody's Investors Service raised the outlook on the Turkish government's Ba3 bond ratings to positive from stable. (Market News Provided by RTTNews)