Bloomberg News

Turkish Stocks, Lira Jump After S&P Raises Local Debt Rating

September 20, 2011

Sept. 20 (Bloomberg) -- Turkish stocks and the lira rallied after the country’s local-currency credit rating was lifted to investment grade at Standard & Poor’s.

The ISE National 100 index surged the most in more than a year, advancing 4.6 percent at 2:44 p.m. in Istanbul. The lira strengthened 1.9 percent against the dollar.

S&P increased Turkey’s local-currency rating to BBB-, the lowest investment grade, from BB+, and affirmed the foreign- currency sovereign rating at BB/B.

To contact the reporter on this story: Linda Shen in New York at lshen21@bloomberg.net

To contact the editor responsible for this story: Stephen Kirkland at skirkland@bloomberg.net


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