Moody's bumps Turkey's rating up by one notch with outlook positive

It said the main reason for upgrade was “the significant improvement in Turkey's public finances and the resulting increased shock-absorption capacity of the government's balance sheet.”

Moody's said Turkey's government had also taken steps that could help address the country's large current account deficit “which is the largest credit risk facing the country.”

The “Ba1” rating leaves Turkey just below investment grade, which Moody's said it would likely receive if the country becomes more resilient to balance-of-payments shocks.

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