Turkey Slams Moody's Downgrade, Questions Company’s Objectivity
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Moody’s decision to downgrade Turkey’s credit rating is incompatible with fundamental indicators, Turkey’s Treasury and Finance Ministry said, adding that the country will never abandon free-market principles.
The downgrade “raises questions” about the objectivity of the credit-rating company’s analysis, Turkey’s Treasury and Finance Ministry said in a statement early Saturday. Moody’s Investors Service cut Turkey’s long-term issuer rating to B1 from Ba3 on Friday, citing an increasing risk of a balance-of-payments crisis and a government default.