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.
About This Investigation: Using the U.S. Freedom of Information Act, OCCRP in 2019 obtained more than 750,000 bank transaction records, previously confidential communications and other documents that were the basis of the U.S. investigation and…
Leaked documents involving about $2tn of transactions have revealed how some of the world’s biggest banks have allowed criminals to move dirty money around the world. They also show how Russian oligarchs have used banks to avoid sanctions that were
Secret U.S. government documents reveal that JPMorgan Chase, HSBC and other big banks have defied money laundering crackdowns by moving staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and
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.