Standard and Poor's upgrades Turkey's rating

International credit rating agency Standard & Poor’s yesterday raised Turkey’s local currency sovereign rates from BB+ to BB- and confirmed its foreign currency sovereign ratings as BB. The agency stated that it could raise Turkey’s ratings, if it reduced its current account deficits and slowed down its domestic credit growth without endangering its fiscal accounts or financial sector stability. Standard & Poor’s added that it could also raise its ratings, if deeper reforms in social security resulted in a substantial decrease in public debt and a stronger fiscal performance.