The iShares MSCI Turkey Investable Market Index Fund (NYSEArca: TUR) fell 4% on Monday as investors were disappointed that Moody’s didn’t upgrade the emerging market’s credit rating.

The Turkey ETF is on a three-day losing streak and closed Monday down about 6% from its recent 52-week high. [Hot Single-Country Emerging Market ETFs]

“Turkey’s stocks fell the most in 16 months as a credit rating upgrade anticipated by some analysts failed to materialize from Moody’s Investors Service,” Bloomberg News reported Monday.

Moody’s said it would consider raising the rating to investment grade if “the government made further progress in lowering its external vulnerabilities,” according to the article. The government can achieve this goal by “structurally reducing the current-account deficit, increasing foreign-exchange reserves, or reducing the private sector’s external borrowing,” Moody’s said in an updated credit opinion.

The Turkey ETF is cooling off a bit after a huge 2013. The fund rallied 65.6% last year, according to Morningstar data. [Turkey ETF Outperforming in Emerging Markets]

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