Moody’s cuts Turkey’s rating outlook to ‘negative’
Moody’s cut its outlook on Turkey’s rating to “negative” citing risks to the country’s credit profile have “risen materially” in recent months. It noted that the tense political environment following the failed coup attempt July 15, 2016, has persisted for longer than expected and has undermined the country’s administrative capacity and damaged private sector confidence. Moody’s rates Turkey at Baa1. It previously had a “stable” outlook on the sovereign. Moody’s conducted a late night operation on Friday and its report is based on artificial fears and risks, Bulent Gedikli, chief economic advisor to the president, said.