Fitch affirmedTurkey's investment-grade credit ratingat 'BBB-'with outlook 'Stable" on Sept. 18.

"Thestable outlook means that we foresee neither an upgrade nor a downgrade for Turkey. The key thing to maintain that stable outlook is commitment to fiscal discipline. But also on the political side you want to maintain coherence ofpolicyyou want to avoid too much meddling withthe economic policy" Gamble said.

"You want to contain the risks around the potential deterioration of the domestic political situation andalsogeopolitical risks. These are very key things to support stabile outlook" Gamble said.

In the first half of the year GDP growth has been quite robust Gamble said.

"But we do see particularly in the third quarter a slow-down driven by the political and geopolitical situation. Our assumption is that when the election cycle has been concluded you willsee a renewed pick up in GDP growth. However the investment component of GDP has been relatively weak. Improving the quality ofGDP growthis just as importantas increasing the rate of the growth itself" Gamble said.

Fitch's expectation for GDP growth is 2.8 for 2015 and 3 percent for the next year.

"Our inflation forecast for Turkey this year is 7.1 percent. We revised that outlook recently due tothe fall in lira. We then anticipated a decline to 6.4 percent next year reflecting a more currency stability and a tightening policy from the central bank. The Current Account Deficit should fall to4.6 percent of the GDP this year then rise slightly to 4.8 percent of the GDP next year -- these arerelatively low for Turkey’s historical base. This is mainly driven by the lower oil prices" Gamble said.

There has been regular flow of funds for debts at Turkish banks and corporates Gamble explained.

"Another reason that we affirmed the rating there has been no issue with the banks' or corporates' ability to roll over maturing debts.They still have comfortable access to capital markets. In fact even if there is an abrupt change in the capital markets' financing conditionsTurkish corporates and bankshave comfortable foreign exchange positions" he said.

Nonetheless Gamble warnedthere are risks to be considered.

"The Fed’s rate hike means higher external financing costs. It’s something that Turkish banks and Turkish companies are exposed to. They will paying more for financing. When you look at the big picture compared with 6 months ago we are a bit more comfortable with Turkey’s ability to measure this external vulnerability" Gamble said.

Gamble pointed outthat Fitch's assumption is that when the Fed hikes interestrates the Turkish central bank also will raiserates."Potentially oncelater this year certainly next year we would probably see some increase in interest rates. They would not necessarily follow every Fed hike maybe the first two they would follow and that’s our assumption."

Gamble also warned of risksaround the political situation particularly of a potential deterioration in the policy-making environment or deterioration in geopolitical situation or domestic political conflict could potentially have an impact on growth and investment across the economy.

But he said there is an opportunity on the political side for therevitalization of the reform program. "Economic reformhasbeen quite sluggish over the past few years. If we see it revitalized then we could seestronger economic growth we could see more investment and potentially we could see a narrowingcurrent account deficit.If wehave a government in place that has reformist credentials that’s good implementing the reforms that’s the key thing for us."

Fitch has an oil price assumption of$55 per barrelfor this year and this will begradually rising over the next few years. "Given that Turkey is a huge oil importer this has an important impact onTurkey’s current account deficit" Gamble said.

Gamble also pointed to the potential for Turkish trade to expand as markets open up in Iran.

"Iran is a huge market with a population of 80 million. Turkey is geographically one of the natural winners from the re-emergence of Iran’s relations with the international community.But it's not going to be an easy quick gain overtime it will be beneficial" Gamble said.