Moody’s Lifts Turkey to Ba3 as Fitch Raises Hess, Maintains Serbia and Saudi

Moody’s upgraded Turkey’s sovereign debt on Friday, lifting the country’s rating one notch to Ba3 from B1 and assigning a stable outlook. The agency said the decision reflects evidence that the central bank’s tighter monetary stance is helping stabilize the lira and push inflation lower, bolstering policymakers’ credibility after years of unorthodox measures. In the corporate sector, Fitch Ratings elevated Hess Corporation’s issuer default rating to AA from AA-, keeping a stable outlook. The upgrade signals confidence in the U.S. oil producer’s balance-sheet strength and cash-flow prospects following its integration into Chevron. Fitch also kept Serbia at BB+ but shifted the outlook to positive, citing stronger fiscal performance and prospects for euro-zone accession talks. Saudi Arabia’s A+ rating was affirmed with a stable outlook, with the agency pointing to the kingdom’s low debt burden and substantial fiscal buffers supported by oil revenues.