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Investment grade prospects fading for Turkey?

Ratings firms have again highlighted the risks of Turkey’s key economic weakness: an expanding current-account deficit

Back in November, it seemed like only a matter of time.

Turkish assets were leaping to record highs after Fitch Ratings awarded Turkey its first investment grade credit rating for nearly two decades. With Turkey's economy rebalancing more rapidly than expected, market analysts confidently predicted Standard and Poor's and Moody's Investors Service would also upgrade Turkey in 2013, a move that promised to send waves of fresh foreign investment to the Turkish economy.

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