Gov’t downplays rating cuts by Fitch and Standard & Poor for Turkey’s economy…

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Positive or negative decisions by ratings agencies regarding the economy should not be taken too seriously, Turkish Deputy Prime Minister Numan Kurtulmuş has said, calling for a smooth process following downgrades both by Fitch and Standard & Poor’s on the Turkish economy.
Revising its outlook for Turkey’s sovereign credit rating to negative from stable on January 27, rating agency Standart&Poor’s has now also downgraded the rating of four Turkish banks; İş Bank, Vakıflar Bank, Yapı ve Kredi Bank and Garanti Bank.
Ratings agency Fitch downgraded Turkey’s sovereign debt to “junk” late on Jan. 27, snuffing out its last remaining investment grade by underlining deepening concerns over the country’s political and security developments

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