ISTANBUL
Istanbul-based International Investors' Association has said Fitch's latest upgrade on Turkey would draw large-scale strategic direct foreign investments to the country.
YASED said in a press statement the upgrade should also be backed by "stable steps" to be taken by Turkey.
International credit rating agency Fitch on Monday raised Turkey to investment grade. The outlook on the rating was stable while the country ceiling was upgraded from BBB- to BBB.
Fitch said Turkey's sovereign creditworthiness had become more resilient to shocks and that the upgrade reflected "a combination of an easing in near-term macro-financial risks as the economy heads for a soft landing," as well as "a moderate and declining government debt burden, a sound banking system, favourable medium-term growth prospects and a relatively wealthy and diverse economy."
