Moody's signals possible Turkey upgrade

Moody's signals possible Turkey upgrade

ISTANBUL - Hürriyet Daily News

A Moody's sign on the 7 World Trade Center tower is photographed in New York in this August 2, 2011 file photo. REUTERS photo

Moody's, one of the three largest international credit rating agencies, signaled in a report today it might consider upgrading its Turkey rating, a long-awaited move whose anticipation alone has helped the Istanbul Stock Exchange climb to near historic highs.

However, the agency put forward three conditions for a rating upgrade:

1- Reduction of the structural part of the current account deficit.
2- Reduction of the private sector external debt.
3- Further increase in foreign exchange reserves.
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