Moody's upgrades Turkey

Moody's Investors Service said it upgraded Turkey's government bond rating to Ba2 from Ba3, reflecting a growing confidence in the government's financial shock-absorption capacity.

The outlook was revised to stable from positive.

Although Turkish growth has contracted very sharply - even more sharply than was seen in its 2001 financial crisis - the resilience of the public finances relative to past such crises has been notable, Moody's said.

The ability of the government and the country more generally to regroup when faced with a significant economic and financial challenge indicates that Turkey has reached a higher level of resiliency, the agency said.

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