Moody’s Investors Service on Sept. 15 downgraded 13 Turkish banks, days after Turkey had its debt rating cut deeper into junk by the company.
Moody’s downgraded the foreign currency long-term deposit ratings of 12 banks, the long-term counterparty risk ratings (CRR) and the long-term counterparty risk assessments (CRA) of six banks, and the long-term senior unsecured rating of one bank by one notch and the long-term foreign currency CRR of three banks by two notches.
The standalone baseline credit assessments (BCAs) and other ratings of these banks and of the other four Turkish banks rated by Moody’s are unaffected by this rating action.
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The Turkish Lira continued to plummet to record lows on Sept. 21, starting the day off at 7.59 liras on the dollar, 8.98 liras per euro and 9.81 liras per pound sterlin.
The lira’s crash against G10 currencies has dipped to new lows in the past two weeks, but the currency’s been weakening for over a month, as Ankara’s interventions have proven futile.
The Turkish lira hit a new low against the U.S. dollar on Sept. 16 after credit rating agency Moody’s downgraded the ratings of 13 Turkish banks.
Turkey’s currency fell to a historic low of 7.50 to the dollar after starting the day at around 7.4920. The lira closed the day at 7.50 exchange rate.
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