Ankara: politics downgrades Turkish debt rating

Ankara: politics downgrades Turkish debt rating

Turkish Deputy Prime Minister Numan Kurtulmus dismissed Moody’s downgrade of the government debt rating as a “political” move and part of a wider effort to undermine the country.

Kurtulmus said Turkey was determined to keep reforming the economy and to fight what he said were efforts to spread the “perception” that the country was in bad shape. He claimed that the outflow of funds following the downgrade has been limited, the Washington Post reports.

Moody’s said the government’s response “raises further concerns regarding the predictability and effectiveness of government policy and the rule of law going forward.”

Moody’s cut Turkey’s government debt rating to Ba1 from Baa3 on September 24.