Standard & Poor's Ratings Services raised on Friday Turkey's long-term foreign currency and local currency sovereign credit ratings to BB and BB+, respectively, MarketWatch reports.
"The upgrade reflects our view of the Turkish government's improving economic policy flexibility as a result of its strong track record in steadily reducing the debt burden over the past decade," said Standard & Poor's credit analyst Frank Gill in a statement.
"It also reflects our opinion of the success of Turkey's regulatory institutions in preserving the solidity of the financial sector, despite external adversity," the statement reads.
The agency also said it believes Turkey's banking system to be one of the strongest and least-leveraged in Eastern Europe.
Standard & Poor's raises Turkey's long-term credit rating
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