S&P upgrades Turkey

PARIS: Standard and Poor’s (S&P) upgraded its outlook for Turkey’s credit rating on Friday, judging the prospects for the nation’s economy to be stable despite political instability that may dampen growth and reform plans. The end to the negative outlook on the ‘BB+’ foreign currency rating, one rung below an investment grade, came a day after PresidentRecep Tayyip Erdogan’s plans to consolidate power advanced with the resignation of Ahmet Davutoglu as prime minister. “The stable outlook reflects our expectation that Turkey’s economic growth prospects will remain resilient to external shocks and domestic political risks,” S&P said in a statement.