Moody’s downgraded the sovereign rating of Turkey to the Russian level

Long-term credit rating of Turkey downgraded to Baa3 speculative grade Ba1 with a stable Outlook, announced by the rating Agency Moody’s on Friday, September 23.

The revision of Turkey’s rating Agency announced in July 2016 after the country has seen a coup attempt. Moody’s then stated the need to revise the rating to assess the consequences of a failed attempt of a military coup for the Turkish economy in the medium term.

The Agency’s experts noted, potentially the coup attempt may have a significant negative impact on the economic situation in the country.