Erdoğan ‘doesn’t care’ about Turkey’s post-crackdown ratings cut

Turkey’s sovereign credit rating was cut to junk by Moody’s Investors Service following a review initiated after an unsuccessful coup attempt on July 15. The move came a day after Turkish President Recep Tayyip Erdoğan criticised rating companies, telling Bloomberg New York: “I don’t care at all” when asked about the predicted ratings downgrade. Accusing such firms of making decisions based on politics rather than economic fundamentals, he added: “I’m inviting them to be honest. Whether you’re honest or not, Turkey’s economy is strong in any case – it’s standing upright and it will continue to stand upright.” The cut is likely to compound Turkey’s problems in attracting the foreign capital needed to cover its current-account deficit, the fourth largest in the G20 group of major economies.