Moody's said in an annual report that........>

EUROPE: Moody's said in an annual report that "Turkey's credit profile balances

resilient growth and relatively strong public finances against political risk

and external vulnerability."

- They added that "Turkey's (Ba1, negative) credit profile reflects its large

and flexible middle-income economy, resilient growth and favorable demographics.

The country's key credit challenges include political risk and high external

vulnerability."

- "Although Turkey's public finances have deteriorated marginally over the past

year due to fiscal stimulus and the weaker lira, the country's resilient

economic growth and manageable government debt metrics continue to provide key

credit anchors," said Kristin Lindow, a Moody's Senior Vice President and

co-author of the report.