flamer84
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A failed coup in Turkey has imperiled the country’s investment grade credit rating, with analysts from Moody’s warning on Monday that they may downgrade their opinion to junk.
Analysts with the New York-based rating agency said they feared the event, which rocked Istanbul and Ankara, could “significantly” weigh on the $718bn Turkish economy, US capital markets correspondent Eric Platt reports.
The agency, which rates Turkey Baa3 — the bottom rung of its investment grade scale —, said political challenges and associated credit risks remained elevated and that it would evaluate the likelihood of a sustained slowdown as a result of the failed coup.
“Turkey continues to operate in a fragile financial and geopolitical environment and its external vulnerability is rising, implying the rising possibility of an escalation in capital outflows, a more rapid fall in reserves and, in a worst-case scenario, a balance of payments crisis,” said Alpona Banerji, an analyst with Moody’s.
Standard & Poor’s rates Turkey’s foreign-currency denominated obligations double-B plus.
http://www.ft.com/fastft/2016/07/18/moodys-may-cut-turkey-to-junk-following-coup-bid/
Analysts with the New York-based rating agency said they feared the event, which rocked Istanbul and Ankara, could “significantly” weigh on the $718bn Turkish economy, US capital markets correspondent Eric Platt reports.
The agency, which rates Turkey Baa3 — the bottom rung of its investment grade scale —, said political challenges and associated credit risks remained elevated and that it would evaluate the likelihood of a sustained slowdown as a result of the failed coup.
“Turkey continues to operate in a fragile financial and geopolitical environment and its external vulnerability is rising, implying the rising possibility of an escalation in capital outflows, a more rapid fall in reserves and, in a worst-case scenario, a balance of payments crisis,” said Alpona Banerji, an analyst with Moody’s.
Standard & Poor’s rates Turkey’s foreign-currency denominated obligations double-B plus.
http://www.ft.com/fastft/2016/07/18/moodys-may-cut-turkey-to-junk-following-coup-bid/
These days will also pass as a result of stronger Turkey.. That's not a wish.
