Moody's upgrades Turkey's ratings

ISTANBUL

A file picture dated 13 July 2011 shows the Moody's logo outside the offices of Moody's Corporation in New York, New York, USA. EPA Photo

The international rating agency Moody's upgraded Turkey's credit rating Wednesday, maintaining the positive outlook as stable, daily Hürriyet reported.
 
Turkey's previous Ba2 credit was increased to Ba1, which still defines Turkey as "judged to be speculative and subject to credit risk."
 
The upgrade reportedly follows a substantial improvement in public finances.
 
A different rating agency Standards & Poor's had downgraded Turkey's credit ratings from positive to stable, prompting a heated response from Prime Minister Recey Tayyip Erdoğan. Erdoğan had threatened to cut all relations to the agency and heavily criticized its view of the Turkish economy.