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Standard & Poor’s raised Turkey rating from BB to BB+

Standard & Poor's raised its sovereign credit rating on Turkey, from BB to BB+ on March 27, 2013. The raise was granted due to the fact that Turkey's export performance has strengthened. This rating places Turkey one notch below an investment-grade rating, the outlook is stable.

According to S&P the raise was based on improved export performance and a steady decline in Turkey's external financing requirements and added that Turkey's external debt is still expected to remain high and there may be risks related to macroeconomic policies amid upcoming elections.