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S&P raised local-currency sovereign ratings on Turkey to "investment" grade

International credit rating agency Standard & Poor's raised its local-currency sovereign ratings on Turkey to investment grade at BBB- from BB+ on September 20, 2011, meaning that Turkey's credit rating rose to investment-grade for the first time in its history. ""The local-currency upgrade reflects our view of continuing improvements in Turkey's financial sector and the deepening of local markets"" S&P said in its statement, and affirmed the foreign-currency sovereign rating on Turkey at BB, two levels below investment-grade, with a positive outlook.
""I was expecting such a decision but it is not enough"" said Turkish Economy Minister Zafer Çağlayan in a written statement after the decision. ""Our foreign-currency investment rating should also be upgraded."" With its strong political and economic stability, Turkey deserves more, according to the minister.