Turkey gets credit raiting from Japanese credit rating agency

Turkey's credit rating was upgraded to investment grade by the Japan Credit Rating Agency (JCR) on Thursday. The JCR pushed Turkey's credit rating up to BBB- in its decision and described Turkey's outlook as ‘stable.' The JCR said in a report released on Thursday that the government had taken major steps to reduce the current account deficit, limit consumer credit growth, and to manage inflation. "The government has succeeded in delivering on all of them with results that are more than satisfactory, employing innovative measures, such as an interest rate corridor and a reserve requirement," the report said.