LONDON – The three major credit rating agencies in the world have criticized the stability of Turkish bonds. Moody & # 39; s and S & P further reduced the government bonds of the country on Friday.
Previously they were already in the so-called clutter area, with which rating agencies characterize extremely risky assets. Although Fitch did not take a rating decision, it said that Turkey's anti-crisis measures were not considered sufficient.
Moody & # 39; s lowered its long-term debt rating from Ba2 to Ba3 and set the negative outlook. "S & P lowered its rating from BB to B + and left the outlook" stable. "
The US rating agency Fitch considers Turkey's steps to combat the lira crisis as unsatisfactory. "Turkey's incomplete response to the devaluation of the lira is unlikely to stabilize the currency and the economy sustainably," Fitch said Friday in London It was necessary to increase the credibility and independence of the central bank and to reduce the economic and financial imbalances.
Inadequate financial injection
Although the central bank indirectly increased its effective policy rate by 1.5 percentage points by banks not to provide Hauptleitzins funding, but instead offered only at higher overnight rates however, the credit guards assume that only a steady interest rate increase could lure capital back into the country.
The investment support of $ 15 billion from Qatar has helped to stabilize the lira, he said. However, such injections were not sufficient to meet the Turkish foreign exchange needs. It is estimated at $ 229 billion in 2018, far more than the Turkish foreign exchange reserves.