 International credit rating agency Moody's has said Turkey's economic strength was moderate to high in the sovereign rating spectrum.
Moody's said in a press release on Thursday that the Turkish government's debt was rated Ba2, reflecting the resilience of the public finances during the global crisis in spite of a short but deep recession.
"Turkey's economic strength is moderate to high in the sovereign rating spectrum, according to Moody's sovereign bond rating methodology. The large scale of the economy and its diversification, plus its underlying dynamism, has pushed per capita incomes into levels well above peers. Turkey's increased integration into the global economy is likely to maintain such growth in coming years," Moody's said.
Moody's said key supports to the government's ratings included the country's effectiveness, transparency and rule of law, adding that the Turkish government's financial strength had been improving steadily over the past decade, and this improvement could be seen across a wide range of financial metrics, such as debt/revenue and debt affordability.
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