Turkey Cut by Moody's on Geopolitical, External Shock Risks
- Moody’s lowers Turkey rating to Ba2 from Ba1, outlook stable
- Cites institutional damage and higher risk of external shock
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Turkey’s credit rating was cut further into junk by Moody’s Investors Service on an erosion of institutional strength as well as more risk of external shocks and geopolitical risks. The lira weakened.
Moody’s lowered the rating one notch to Ba2, two levels below investment grade, with a stable outlook, Moody’s analyst Kristin Lindow said in a statement Wednesday. That leaves the nation on par with Brazil, Croatia and Costa Rica.