Turkey's previous Ba2 credit was increased to Ba1, which still defines Turkey as "judged to be speculative and subject to credit risk." (source)
The upgrade reportedly follows a substantial improvement in public finances.
A different rating agency Standards & Poor's had downgraded Turkey's credit ratings from positive to stable, prompting a heated response from Prime Minister Recey Tayyip Erdoğan. Erdoğan had threatened to cut all relations to the agency and heavily criticized its view of the Turkish economy.
June/20/2012
