This was in the news late last week: Couldn't get to it then, however, it's important and worth addressing now!September 23/2016- Moody's Downgrades Turkey's Issuer and Bond RatingsFortune
Credit ratings agency Moody’s Investor Service has downgraded Turkey’s sovereign credit rating to non-investment grade citing worries about the rule of law following an attempted coup, risks from external financing and a slowing economy.
Turkey's GDP has been excellent compared to the US (no exact figure, but am certain it's poor) & Canada ( Canada: 2ndquarter: - 1.6, yes that negative 1.6 )... So why did Moody's undertake this action against Turkey. It's purely political! Surprise!
“Despite all of the global and regional risks, the Turkish economy’s pace of growth is among the top five economies,” he said in a statement.Gross domestic product slowed to 3.2% growth in the second quarter. Turkey may cut its official target for 4.5% GDP growth this year as the impact of the coup attempt takes its toll on the economy.
Moody’s downgraded Turkey to “junk status”
Turkey has seen little outflow of funds following Moody's decision to cut its sovereign debt rating to "junk" and sees the possibility of such outflows as remote, Deputy Prime Minister Numan Kurtulmus said on Monday.Kurtulmus, the main government spokesman, made the comment at a news conference following a cabinet meeting in the capital Ankara.
Moody's late on Friday cut its rating on Turkey's sovereign debt to non-investment grade, citing concerns about the rule of law following a failed coup in July and risks from a slowing economy. Kurtulmus said the move was political motivated.
Obviously the move was politically motived! Turkey is under attack on many levels, as stated here for so, so, so very long now!Of course today Turkish Assets were hit in early trading
Turkish assets were hit in early trade on Monday, with the benchmark BIST 100 index falling more than 4 percent and the lira currency weakening.
Financial warfare waged against a targeted nation! We've all seen this type of news previously!In case you missed the UN show on Sunday:
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Russia at UNSC: US Decision To Reshape Middle East is the Original Cause of Syria's Suffering
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US & Lackies Demand UN Security Council Meeting 11:00 EST