Turkey’s Investment Grade Saga Gets Moody’s Dampener
By Emre Peker
ISTANBUL–One of the few bright spots in Europe, Turkey has bagged two credit-rating upgrades in as many years even as back-to-back debt crises have roiled world markets. Upgraded by Fitch Ratings to investment grade for the first time in two decades earlier this month, Turkish assets have surged to record highs amid growing investor confidence the economy has made the transition from perennial underachiever to regional superstar.
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