In its announcement, Moody's stated that Turkey's both credit rating in domestic currency and credit upper limit rating in foreign currency were increased from B3 to B2.
As a ground of increase in Turkey's credit rating, Moody's showed the improvement continuing in public sector debt dynamics.
Having made the last rating announcement about Turkey on October 21, 2003, Moody's had made a statement after S&P's upgrading the rating and stated that it was following the developments in the Turkish economy closely.
