International rating organization upgrades Turkey's outlook

International rating organization Standard & Poor's said Friday it upgraded Turkey's rating outlook from negative to stable.

S&P said the upgrade came as a response to decreasing uncertainty about the country's fiscal direction as the Turkish government has pledged to rein in the budget gap and financial markets improved.

S&P credit analyst Farouk Soussa said the stable outlook reflected the medium-term challenges the government was facing, "which are balanced by a track record of prudent management and a demonstrated increased resilience to economic shocks."

The foreign- and local-currency ratings for Turkey by S&P remained BB-/B and BB/B, respectively.


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