Turkey steps into IG, though debate rages on whether others will follow
Turkey put its foot in the door of investment grade club on Monday as Fitch upgraded the sovereign by one notch to BBB-, but the agency’s decision sparked a debate over whether it had been premature or overdue — and when the other two big ratings agencies might follow Fitch’s lead.
Emerging market bankers and analysts appeared to think the move was overdue, given that they tend to consider the country in a peer group of South Africa (BBB+), Lithuania, Mexico, Russia (all on BBB), and Bulgaria, India, Indonesia, Latvia, Romania and Tunisia (all on BBB-).
Fans of the country
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