Moody’s: Turkey’s Ratings Downgraded to B2, Negative Outlook Maintained

Moody’s Investors Service (Moody’s) has downgraded the Government of Turkey’s issuer and senior unsecured debt ratings to B2 from B1, and senior unsecured shelf rating to (P)B2 from (P)B1, while maintaining a Negative Outlook on the country, according to a recent statement.

Moody’s has also downgraded the senior unsecured backed debt rating of Hazine Mustesarligi Varlik Kiralama Anonim Sirketi, a special purpose vehicle wholly owned by Turkey which issues Sukuk certificates on behalf of the Treasury, to B2 from B1, while also maintaining a Negative Outlook for this issuer.

According to Moody’s, the key drivers for the ratings downgrade include a potenti...