A statement by the Standard & Poor´s said that the outlook is positive, reflecting the possibility of an upgrade over the next 12-24 months.

"The upgrade reflects our view of the Turkish government´s improving economic policy flexibility as a result of its strong track record in steadily reducing the debt burden over the past decade," said Standard & Poor´s credit analyst Frank Gill.

"It also reflects our opinion of the success of Turkey´s regulatory institutions in preserving the solidity of the financial sector, despite external adversity. Standard & Poor´s believes Turkey´s banking system to be one of the strongest and least-leveraged in Eastern Europe."

"The positive outlook on Turkey reflects the likelihood of an upgrade over the next 12-24 months if we considered that a deeper financial and capital markets stabilization and the country´s success in weathering the global turmoil allowed it to return to its prior rates of growth with less dependence on external funding," said Gill.