Babacan defines decision of Moody's as correct yet belated

Following the credit rating agency Moody's upgrade of Turkey's rating to investment level, Deputy Prime Minister Ali Babacan welcomed the decision, saying that it was accurate, but belated. "With this decision the technical obstacle in front of international investors who couldn't invest in our country's assets due to the low credit ratings is lifted," Babacan said in a statement. Babacan recalled that Turkey also paid off the last installment of its debt to International Monetary Fund (IMF) and entered into a period without debt for the first time after 19 years. "Similarly, after exactly 19 years, our credit rating has been raised by two rating agencies to the investment level. These developments are without a doubt no coincidence. They are the outcome of prudent politics of the last 10 years," Babacan said.