S&P: Turkey unaffected

Standard & Poor's said its BB-/stable/B foreign and BB/stable/B local currency sovereign credit ratings on the Republic of Turkey would not be affected by Sunday's "no" vote in the French referendum on the European constitution.

The ratings are supported by the government's continued commitment to prudent macroeconomic policies, including ongoing successful programs of fiscal consolidation and disinflation, S&P said.

In addition, the agency said Turkey's progress on structural reform and improving financial outlook are underpinned by the three-year stand-by arrangement recently approved by the IMF and by its long-term prospects for EU accession.

The outlook is stable.

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