International rating agencies Moody’s and Fitch will tarnish their own reputations if they declare negative ratings for Turkey’s economy, the chief economic adviser to Turkey’s president told Anadolu Agency on August 1st, Daily Hurriyet News reports.
“I believe these agencies will not declare a negative rating that may disturb their reputation considering the positive macroeconomic indicators of Turkey’s economy,” Cemil Ertem said.
Ertem’s comments came after Moody’s announced on July 18 it would review Turkey’s rating for a possible downgrade following the July 15 failed coup attempt.
According to Ertem, the public’s response to last month’s failed coup bid should overcome the risks highlighted by international rating agencies.
Turkey survived a deadly coup attempt on July 15 by rogue elements within the military that killed more than 230 people and injured nearly 2,200 others.
