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Moody's to consider downgrade on Turkey's credit rating
(MENAFN) Moody's declared it was planning to asses Turkey's credit rating so as to reach a decision on whether to reduce it.
The credit ratings agency explained that its "decision to place the current [Ba2] rating under review reflects mounting uncertainty regarding the future direction of macroeconomic policy."
Turkey's "already vulnerable external position" is to "raise the risk of severe pressures on Turkey's balance of payments to a level that is no longer consistent with the current rating," the agency noted in its statement.
It comes after the agency downgraded on March 8 Turkey's sovereign rating to 'Ba2' from 'Ba1', changing its view from "negative" to "stable".
The credit ratings agency explained that its "decision to place the current [Ba2] rating under review reflects mounting uncertainty regarding the future direction of macroeconomic policy."
Turkey's "already vulnerable external position" is to "raise the risk of severe pressures on Turkey's balance of payments to a level that is no longer consistent with the current rating," the agency noted in its statement.
It comes after the agency downgraded on March 8 Turkey's sovereign rating to 'Ba2' from 'Ba1', changing its view from "negative" to "stable".
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