PM Yıldırım slams Moody’s decision, praises Turkey’s ‘growing economy’
ANKARA
REUTERS photo
Prime Minister Binali Yıldırım has slammed the Moody’s decision to downgrade Turkey’s credit rating at a moment when the Turkish economy is growing.“It is not the place of a credit rating company to decide on Turkey’s note. Tradesmen, businessmen and the people are the ones who get to decide. We are responsible to them, not to the credit institutions,” Yıldırım said on Oct. 3 in a speech delivered to the Confederation of Turkish Tradesmen and Craftsmen (TESK) in Ankara.
Moody’s Investors Service downgraded Turkey’s long term bond ratings to Ba1 from Baa3 on Sept. 23, saying risks related to the country’s sizeable external funding requirements have increased while previously supportive credit fundamentals such as growth and institutional strength have weakened. The decision came nearly two months after the foiled coup attempt.
Blasting the Moody’s decision, Yıldırım emphasized increases in Turkey’s national income and economic growth, saying, “confidence in the economy rose by 21 percent in August.”
“When the people are expressing their trust, what credit rating institutions say is not important,” he said.
“We have achieved economic growth while fighting against [the Islamic State of Iraq and the Levant] ISIL, [the Kurdistan Workers’ Party] PKK, and [the Fethullah Terror Organization] FETÖ. Today, the economic indicators of Turkey are better than many others in the world,” Yıldırım added.
Moody’s Investors Service downgraded Turkey’s long term bond ratings to Ba1 from Baa3 on Sept. 23, saying risks related to the country’s sizeable external funding requirements have increased while previously supportive credit fundamentals such as growth and institutional strength have weakened. The decision came nearly two months after the foiled coup attempt.
Blasting the Moody’s decision, Yıldırım emphasized increases in Turkey’s national income and economic growth, saying, “confidence in the economy rose by 21 percent in August.”
“When the people are expressing their trust, what credit rating institutions say is not important,” he said.
“We have achieved economic growth while fighting against [the Islamic State of Iraq and the Levant] ISIL, [the Kurdistan Workers’ Party] PKK, and [the Fethullah Terror Organization] FETÖ. Today, the economic indicators of Turkey are better than many others in the world,” Yıldırım added.
