IIRA upgrades Turkey's raiting

The Islamic International Rating Agency (IIRA) has upgraded Turkey's long term foreign currency sovereign rating from BB+ to BBB- and the long term local currency sovereign rating has also been upgraded from BBB- to BBB. Turkey's short term credit rating on both foreign and local currency has been confirmed as A-3 and its ratings have been reaffirmed at AAA/A-1+(tr) on the national scale by the IIRA, which has assigned the outlook on ratings as stable. "The upgrade reflects Turkey's improved economic fundamentals," indicates a statement issued by the IIRA.