Fitch upgrades Turkey to investment grade

November 5, 2012 13:37

ISTANBUL - Fitch Ratings upgraded Turkey to investment grade on Monday, a move long coveted by Ankara, citing underlying strengths and an easing in near-term risks for the economy.

Among those strengths, Fitch highlighted a moderate and declining government debt burden, a sound banking system, favorable medium-term growth prospects and a relatively wealthy and diverse economy for the move.

The move triggered a rally in Turkish financial markets, with the lira firming against the dollar while the benchmark bond yield fell to 6.86 percent from 6.98 percent.

Fitch's move does not mean that Turkey will automatically be included in benchmark investment grade bond indexes because other agencies would have to move as well.

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