Turkey's long-term issuer and senior unsecured bond ratings have been cut by one notch to Ba1, the rating agency said in a press release on Friday.
The outlook is "stable", in view of the government's balance sheet which will allow for the "absorption of shocks and flexible responses" and of the "large and flexible economy which continues to register positive growth and the government’s strong fiscal track record.”
However, the country's finances have weekened amid the increased political turmoil, Moody's noted. Other sources of concern stem from the response to July's unsuccessful coup attempt which poses questions "regarding the predictability and effectiveness of government policy and the rule of law going forward."...
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