The international rating agency Moody's upgraded Turkey's credit rating Wednesday, June 20, maintaining the positive outlook as stable, according to Hürriyet Daily News.

Turkey's previous Ba2 credit was raised to Ba1, which still defines Turkey as "judged to be speculative and subject to credit risk."

Another rating agency Standards & Poor's had downgraded Turkey's credit ratings from positive to stable, prompting a heated response from Prime Minister Recey Tayyip Erdoğan, who threatened to cut all relations to the agency and heavily criticized its view of the Turkish economy.