ISTANBUL (AA) - International credit rating agency Moody's said on Thursday that the assertive urban development plan for Istanbul will be negatively affected if Taksim Gezi Park protests continue.
Moody's issued a report on Thursday regarding Taksim Gezi Park protests in Turkey.
"If the protests get aggravated, it may have a negative effect on the credit rating for Istanbul Municipality (IBB) which is Baa3. Istanbul's self-financing ability through asset stripping, which is vital for its investment need, will be badly affected," said the statement, specifying the negative effects on the urban development plan for Istanbul.
The report also pointed out the possible negative effects of the protests on Turkish tourism sector, highlighting that if the protests continue, the attraction to Istanbul in terms of direct foreign investment and to the assets of Istanbul Municipality would decrease.
