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Moody's downgrades Turkey's rating

Moody'sdowngraded Turkey'slong-term issuer and senior unsecured bond ratings to Ba1 from Baa3 following afailed military coupin July, Reuters reported Sept. 24

Therating action, which lowers Turkey's rating to noninvestment grade, was drivenby the higher risks related to the country's sizeable external fundingrequirements and the weakening of previously supportive credit fundamentals,such as growth and institutional strength, Moody's said.

Therating agency noted that the government's response to the failed coup attemptraises further concerns about the predictability and effectiveness ofgovernment policy and the rule of law.

Moody'skept the outlook on the rating stable, noting that the country's US$720 billioneconomy and strong fiscal track record would help it offset pressure on itsbalance of payments.