Turkey will make efforts to improve the credit rating – Deputy Prime Minister

The Turkish authorities will make efforts to improve the sovereign credit rating due to its downgrading by the international rating agency Moody’s (“Moody”). This was announced today by Deputy Prime Minister Mehmet Shimshek, who is in charge of the government for the economic bloc.

Moody’s downgraded the credit rating of Turkey to the speculative level of “Ba1” on September 24, citing “unstable financial and geopolitical situation”, including after the attempted coup d’état on July 15. The Turkish authorities called this decision politically motivated.
“We take seriously the rating downgrade,” Shimshek told the official Anatolian agency. “We will make efforts to improve the rating in the medium and long term,” he added.
Shimshek called the impact of Moody’s decision on Turkey’s markets limited, and the foundations of the Turkish economy are stable.
“The limited impact of the credit rating downgrade on Turkish markets shows that the bases of Turkey are stronger than those of other states,” the Deputy Prime Minister said. He noted that investors in their activities are guided not only by Moody’s conclusions, but also by other leading rating agencies.