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S&P upgrades Turkish credit rating

Posted on 21 September 2011

21 September 2011 – The international credit rating agency S&P (Standard & Poor’s) has upgraded Turkey’s local currency rating to the investable rating of BBB-/A-3. Commenting on the upgrade S&P’s analysts Frank Gill and Leila Butt said “The local-currency upgrade reflects our view of continuing improvements in Turkey’s financial sector and the deepening of local markets” adding “The Turkish banking system is adequately capitalised and we expect the state will reduce its holding of some public sector commercial banks”. Remarking on S&P’s upgrade UK’s Royal Bank of Scotland chief emerging markets economist Tim Ash said “says that they are less worried by public finances, but are still worried by the external financing position” but “Still welcome news”. Turkish Economy Minister Zafer Caglayan said “I was expecting such a decision but it is not enough” Source Hurriyet Daily News

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