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Moody’s downgraded Turkey’s debt one notch from B1 to B2 and said it maintained a negative outlook for the Turkish economy.
Moody’s Investor Services cited in a statement the reasons for the downgrade from B1 to B2, a possible balance of payments crisis, institutional problems and corrosion of fiscal stocks.
The rating agency’s announcement also attributes this downgrade to “high levels of geopolitical risk,” including Turkey’s relations with the United States and the European Union.
Speaking on Saturday (September 12), Turkish President Recep Tayyip Erdogan said that his country’s economy was at its peak.
“Whatever you do, your audience ratings don’t count at all,” Erdogan was quoted as saying by the Associated Press.
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