Put extra money in their pocket and get the rating you want: Erdoğan on rating agencies

ANKARA

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Turkish President Recep Tayyip Erdoğan has lashed out at rating agencies, after Moody’s downgraded the country’s sovereign debt rating to “junk” status.

Moody’s downgraded Turkey’s rating by one notch late Sept. 23 to the speculative or “junk” level of “Ba1,” citing the country’s institutional problems and economic slowdown.

The president said the Turkish economy continued to increase in strength and that Turkey deserved “no less” than 5 percent economic growth, which he said was achievable in 2016.

He thus dismissed the downgrade’s impact and told the agency: “Drop Turkey’s rating however much you want,” while speaking to a group of provincial leaders at the presidential palace in Ankara on Sept. 29. 

“Put three-five cents of extra money in their pockets and get the rating you want. This is how they work. We know where they get their instructions from. We will always speak the truth,” he said, without indicating who was giving instructions to the agencies.

He said that nobody has taken this decision seriously as it was “politically motivated.” 

“We did not see any sharp fluctuations due to the rating cut. As such, agencies take too many false steps; nobody takes their decisions about Turkey seriously,” added Erdoğan. 

He also noted that there has been some increase in exports. 

“We have also seen a visible rebound in the tourism sector… We are very hopeful about the upcoming season,” added Erdoğan.