Turkey’s hopes of an investment grade rating from Moody’s have just received, if not a bucket of cold water, then at least a tumbler or two – and shares have sagged.
Ever since Fitch Ratings gave Ankara the investment grade palm last year, hopes had risen that Moody’s would follow suit, so unleashing billions of dollars in institutional investors’ funds. (Many big portfolio investments require an investment grade rating by at least two of the big three agencies.)
Some enthusiastic types had even hoped that a Moody’s teleconference on Monday might prove the decisive moment, since the first scheduled topic of discussion was “Shifting closer to an investment grade sovereign rating”.
Turkey rating | beyondbrics
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