19:44 16 June 2019
Moody's downgrades Turkey rating to B1
Moody's cut Turkey's long-term credit rating by one level from Ba3 to B1. The outlook remains negative, the agency said in a statement. The rating downgrade is due to the growing risk of a balance of payments crisis, which also increases the risk of government insolvency. These risks are to some extent balanced by a large, diversified economy and a still moderate level of public debt, Moody's explained.
Moody's previously reduced the creditworthiness of Turkey, from Ba2 to Ba3, in August last year.
(PAP)
