ISTANBUL
International credit rating agency Moody's said Monday it would consider raising Turkey to investment grade if the country improved its resilience to external shocks.
"Moody's would consider upgrading Turkey's rating, if the government made further progress in lowering its external vulnerabilities by structurally reducing its current account deficit, increasing foreign exchange reserves, or reducing the private sector's external borrowing," the agency said in a statement.
Moody's currently rates Turkey at Ba1, one notch below investment grade. In November 2012, Fitch upgraded Turkey to the investment level BBB-.
Moody's predicted that Turkey's economy would grow 3.8 percent in 2013 with an inflation rate of 7 percent and a current account deficit of 7.4 percent of the GDP.
