Moody’s credit rating has downgraded Turkey amid worries that the authoritarian government of Recep Tayyip Erdoğan is headed towards a default due to a balance of payment risks. Moody’s has followed the lead of Standard & Poor’s and (B+) and Fitch Rating (BB) in downgrading Turkey’s sovereign risk profile, which is rapidly sliding further into “junk” territory. By downgraded Turkey’s long-term debt rating from Baa3 to B1, this now puts mounting pressure on the Turkish national currency, the...
Credit rating agency Moody’s has downgraded Turkey because of fears Recep Tayyip Erdogan will use the coup to consolidate power.