Turkey receives another credit upgrade from Japanese rater

Turkey saw its credit rating upgraded to investment grade by the Japan Credit Rating Agency (JCR) on Thursday, a move which follows rating agency Moody's decision last week to similarly improve the country's credit profile.

The JCR pushed Turkey's credit rating up to BBB- in the Thursday decision and described the country's outlook as ‘stable.'

The JCR upgrade does not carry the weight of prestigious rater Moody's upgrade, and is not a replacement for an upgrade Ankara has long sought from holdout rater Standard and Poor's. Government officials nevertheless welcomed the decision, while analysts speculated that Japanese investment to Turkey would be boosted by the announcement. Deputy Prime Minister Ali Babacan told the press on Thursday the upgrade would “chiefly increase attention and ease access to our markets for Japanese...