Moody’s to review Turkey’s credit rating for downgrade
Decision comes amid ‘mounting uncertainty regarding future direction of macroeconomic policy’
By Kubra Chohan
Credit ratings agency Moody’s announced Friday that it would review Turkey’s credit rating to decide if it should be downgraded.
In a written statement, Moody’s said its “decision to place the current [Ba2] rating under review reflects mounting uncertainty regarding the future direction of macroeconomic policy”.
The statement said Turkey’s “already vulnerable external position” will “raise the risk of severe pressures on Turkey's balance of payments to a level that is no longer consistent with the current rating”.
Moody's on March 8 downgraded Turkey's sovereign rating to 'Ba2' from 'Ba1' and changed its outlook to "stable" from "negative".Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.