7/11/2008

Closure case won't impact Turkey's rating, Moody's says

Turkish Daily News - A court case to outlaw Turkey's ruling party is unlikely to cause a downgrade in the country's credit rating, Moody's Investors Service said yesterday. The ruling Justice and Development Party, or AKP, faces closure on charges it seeks to undermine Turkey's secular system and make the country more Islamic. The party has presided over 25 consecutive quarters of growth, the longest in Turkish history, and drawn record amounts of foreign investment. Even if the AKP is banned by the constitutional court, “We would expect any subsequent administration to take heed of the success of the economic reforms of the past few years” Moody's said.