Turkey's Credit Rating Receives a Boost

Turkey's credit rating was raised to an investment-grade BBB- earlier this week by Fitch Ratings, who noted that the country has become more resilient to shocks. With the higher sovereign rating, the country hopes to attract additional foreign direct investment.

The ratings agency said that an easing in near-term macro risks were a positive sign, while a moderate and declining government debt burden, sound banking system, favorable growth prospects and wealthy and diverse economy boosted confidence among investors.

Investors looking to capitalize on this move can purchase the iShares MSCI Turkey Index Fund (NYSE: TUR), which is already trading up some 47% so far this year.