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Turkish PM hits out at 'biased' Moody's after debt ratings cut

Turkish Prime Minister Binali Yildirim dismissed Moody's concerns, insisting the Turkish economy was built on solid foundations and that Ankara would not neglect fiscal disciplineTurkish Prime Minister Binali Yildirim hit out at Moody’s on Saturday, claiming it was biased after it cut Turkey’s sovereign debt rating to “junk” status. Amid months of political turmoil, the ratings agency cut Turkey to “Ba1” level, saying the country’s finances had weakened while its reaction to the July 15 attempted coup set back expected reforms. Yildirim dismissed Moody’s concerns, insisting the Turkish economy was built on solid foundations and that Ankara would not neglect fiscal discipline.

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