Deputy PM: Moody’s Decision to Cut Rating on Turkey to ‘Junk’ Is Political

ANKARA (Reuters) -
Bussiness and financial district of Levent, which comprises leading Turkish companies' headquarters and popular shopping malls, is seen from the Sapphire Tower in Istanbul, Turkey May 3, 2016. Picture taken through a window. REUTERS/Murad Sezer/File Photo
Business and financial district of Levent, which comprises leading Turkish companies’ headquarters and popular shopping malls, is seen from the Sapphire Tower in Istanbul, Turkey. (Reuters/Murad Sezer/File Photo)

Turkey’s main government spokesman on Monday lashed out at ratings agency Moody’s after it downgraded Ankara’s sovereign debt rating to “junk,” saying the decision was political and Turkey opposed “treasonous” attempts to undermine its economy.

Deputy Prime Minister Numan Kurtulmus, who is the main government spokesman, also told a news conference that Turkey’s economic policy remained on track.

Kurtulmus, who was speaking to reporters after a cabinet meeting, said good management of the Turkish economy following the abortive putsch of July 15 had offset risks and that macroeconomic indicators since the failed coup have been stable.

In its decision late on Friday, Moody’s cited worries about the rule of law after the failed putsch and risks from a slowing economy.