This year, Moody's Investors Service became the second international ratings agency to upgrade Turkey's credit rating to investment grade. Moody's raised the country's sovereign bond ratings by one level to Baa3 from Ba1, with a stable outlook. The agency cited "recent and expected future improvements in key economic and public finance metrics" and "progress on structural and institutional reforms that Moody's expects will reduce existing vulnerabilities to shocks to international capital flows over time" as reasons for the upgrade. The recent civil disturbances in the country could undermine its economic outlook, however.