Baku, Azerbaijan, June 18
Moody’s has decreased Turkey’s sovereign credit rating, saying the risk of a balance of payments crisis continued to rise, and with it the risk of a government default, Trend reports with reference to Reuters.
Moody’s downgraded the rating to B1 from Ba3 and maintained a negative outlook. It had previously cut the rating to Ba3 from Ba2 in August last year.
Soon after the latest move, the Turkish Treasury and Finance Ministry said the downgrade was not in accordance with the country’s economic indicators.
It then listed economic indicators in comparison with other emerging market economies and cited developments such as falling inflation and rising tourism revenues.
“We sadly see that very positive developments are being ignored,” the ministry added.