Moody & # 39; s and Standard & Poor & # 39; s agencies lower the debt ratings of Turkey – Observer

Moody & # 39; s and Standard & Poor & # 39; s agencies have lowered the Turkish sovereign debt rating on Saturday against the Turkish lira and the country's economic policy, reported the Turkish daily Hürriyet.

We have decided to lower the rating of the national debt [da Turquia] long-term currencies from BB to B + and long-term local currencies from BB to BB, "Standard & Poor's quoted by Hürriyet in a statement. [19659003] With the new rating "the agency said that the purchase of sovereign debt by Turkey is an unsecured, speculative company with a" stable "view, and it is not expected that this will change the rating in the next 12 months.

Instead, Moody & # 39; s lowered his rating from Ba2 to Ba3 and changed the outlook from "stable" to "negative", which did not exclude the possibility of a further downturn.

Meanwhile, the financial rating agency Fitch de The assessment of Turkey since mid-July, when it fell from BB + to BB with a "negative" outlook, issued a statement in which it regretted the "incomplete political response" of the Turkish government on the devaluation of the lira

. Turkish lira yielded more than 5% against the dollar and the euro, returning the increase recorded in the last days after the fall as a result of political and commercial tension with Washington. On Friday morning, however, the Turkish lira followed the recovery that had been felt in the last four days.

This recovery started after the Turkish central bank had held an auction to raise dollar deposits in exchange for a

The central bank also raised interest rates on some deposits and limited the transactions of Turkish banks with foreign investors .

Thursday, the Turkish government denied that the country needed a bailout from the International Monetary Fund (IMF) and promised to implement reforms to reduce high inflation and raise the primary budget deficit (with no interest on debt).

The lira's turbulence several months ago fell sharply against the dollar on August 10 after US President Donald Trump on the Twitter social network reported the doubling of import duties in steel and aluminum from Turkey.

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