Moody's upgrades Turkey

Moody's Investors Service said it upgraded Turkey's government bond ratings by one notch to Ba1 from Ba2 and maintained the positive outlook.

Moody's said the key drivers for the action are: (a) The significant improvement in Turkey's public finances and the resulting increased shock-absorption capacity of the government's balance sheet; and (b) policy actions that have the potential to address external imbalances, such as the large current account deficit, which is the largest credit risk facing the country.

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