As a witty Twitter follower hit me after I poked fun of the late call: "..and in other news the S&P picks Seahawks for the Superbowl". Image courtesy Komarov Andrey: http://www.photoxpress.com/search-stock-photos-photographer/Komarov+Andrey/880647Look, it's not hard to see how ratings agencies are constantly behind the curve, but it doesn't mean you need to act on this headline.  

Turkey is normalizing their rate structure and is oversold.  

Turkish banks are trading at March '09 price to book levels which are very attractive even if it is clear they will have margin pressure from higher rates.

Watch for the Lira to continue to stabilize around 2.15-2.20 and pick your spots.  

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