Turkey's achievement of investment-grade status crowns a decade of rapid growth financial stability and political reform by a tiger economy on the seam of Europe and Asia, but the rising power still faces pitfalls in a dangerous neighbourhood.
Moody's investors service raised its rating on Ankara's sovereign bonds to BAA3 or invesment grade, from BA1 late last Thursday following in the footsteps on the Fitch credit rating agency which took that step last november.
The Upgrade came on a day when Prime Minister Recep Tayyip Erdogan was showcasing Turkey's global prestige on a visit to the White house and in a week when the emerging nation of 75 million made a final loan repayment to the International Monetary Fund. (IMF)
It was a major strategic step for Turkey. said Erdal Tans Karagol, economic director of the Seta think-tank in Ankara, this will help the currenct ruling party prepare long term plans and set higher goals and will create a suitable international enviroment to carry out those plans.
The boost puts Turkey 11 notches on Moodys rating scale above historic rival Greece on the other side of the European Uion frontier and should drive more foreign direct investment (FDI) to an economy that still has great potentional grow.