S&P ups Turkey

Standard & Poor's said it raised its long-term foreign currency sovereign credit rating on the Republic of Turkey to BB- from B+ and raised its long-term local currency sovereign credit rating to BB from BB-.

The outlook is stable.

S&P also raised its long-term foreign currency counterparty credit and senior secured debt rating on the Export Credit Bank of Turkey to BB- from B+. The outlook is stable. In addition, the B short-term counterparty credit rating and the B foreign and local currency short-term sovereign credit ratings were affirmed.

"The sovereign upgrade reflects the progress Turkey is making toward durable macroeconomic stability, and the country's expected adherence to a strict macroeconomic program beyond 2004, which would result in further fiscal improvement, disinflation, a more sustainable public debt burden and reduced vulnerability to market sentiment," said S&P credit analyst Konrad Reuss.

"We believe that the risks on both the political and economic fronts are balanced," he added.

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