Last month London-based Fitch Ratings upgraded Turkey's long-term foreign currency issuer default rating, as well as its long-term local currency rating. The outlook for each rating was stable.
The upgrade reflects the fact that Turkey's economy is on a long-term growth path of 4-5%.
Turkey lost its investment grade in 1994. Now, 18 years later, it's back on the investment grade chart with the Fitch rating. Other agencies are expected to follow suit.
Turkish leaders have, unsurprisingly, welcomed the upgrade. Finance Minister Mehmet Simsek said the decision showed confidence in the country and would ultimately help bolster economic growth. The move should also open the gates for investments from funds and institutions that select investment-grade assets only.