The lira jumped on the news – strengthening by about 0.6 per cent against both the euro and the US dollar. While some investors had expected an announcement in advance of a Fitch conference in Istanbul this week, others weren’t sure the agency would move so soon.
Fitch said in a statement:
Fitch Ratings has upgraded the Republic of Turkey’s Long-term foreign currency Issuer Default Rating (IDR) to ‘BBB-’ from ‘BB+’ and the Long-term local currency IDR to ‘BBB’ from ‘BB +’. The Outlooks on the Long-term ratings are Stable. The agency has also upgraded Turkey’s Short-term foreign currency IDR to ‘F3′ from ‘B’ and the Country Ceiling to ‘BBB’ from ‘BBB-’.
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