By Tom Lydon:
Turkey's credit rating was recently upgraded to investment grade status on stronger economic strength and less short-term risks, boosting the country's markets and the exchange traded fund. The iShares MSCI Turkey Investable Market Index Fund ETF (TUR) is the best-performing unleveraged ETF the past month.
ISTANBUL (Reuters) - Turkey's central bank acted to support the lira on Tuesday and Turkish debt insurance costs rose, as markets - looking past data on faster economic growth - took fright at fresh police and protester clashes in Istanbul.
ATHENS — Ratings agency Fitch upgraded its sovereign credit rating for Greece by one notch on Tuesday, citing the country’s progress in cutting its budget deficit and the receding risk of its eurozone exit.
After nearly crashing out of the euro last year and coming under attack for stalled reforms, Greece has won praise in recent months from its international lenders for getting back on track and pushing through unpopular austerity measures.
Turkish bond yields fell on Tuesday after Moody’s (MCO) raised Turkey’s credit rating outlook to positive from stable, citing improvements in the country’s economic and fiscal resilience. Moody’s also said it was revising upwards its 2010 economic growth forecast for Turkey to 6.5 percent.
Marc Chandler submits:S&P upgraded Turkey's long-term foreign currency rating to BB from BB- and said the country has a positive outlook which suggests the likelihood of additional rating increase, which could come in the next year or two.Our proprietary model is consistent with a BB+ rating. The reduced debt burden and the stability of Turkish banks were behind the S&P decision.While Turkey's debt market did not seem to respond to the news, the lira did.