Japanese agency upgrades ratings on Turkey

Japanese credit rating agency (JCR) has upgraded its ratings on the Republic of Turkey's foreign and local currency long-term senior debts from BB- to BB. The outlook of the ratings is stable.

A statement by the JCR said, "the ratings primarily reflect the improved resilience to external shocks the Turkish economy has displayed in the face of the global financial crisis. It can be pointed out that the two factors of the improved fiscal position and financial system in the recent years supported the Turkish economy in realizing an autonomous recovery from the influence of the global financial crisis."

"The Turkish economy deteriorated sharply with its real GDP contracting 14.7% (y-o-y) in the first quarter of 2009 amid the impact of the global financial woes. However, it turned toward recovery soon afterwards thanks in part to the policy effects with the pace of contraction rapidly easing off," it said.

/World Bulletin/