Fitch upgraded Turkey's credit rating for the second time in 6 months as the country's external and domestic reserves increased.
Turkey's credit rating was upgraded from BB- to B+, three levels below investment grade, with a stable outlook, which is on par with countries such as South Africa, Armenia and Jordan.
According to Fitch, Turkey has boosted its reserves and the central bank's net foreign exchange position improved from minus $75 billion in early April to $6 billion at the end of August.
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