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MOODY’S THIRD DOWNGRADE IN A WEEK

Rating agency Moody’s downgraded Turkey’s rating for the third time in one week. Following the downgrade of Turkey’s sovereign rating, Moody’s now downgraded the ratings of seven companies and two councils. Moody’s downgraded 15 banks rating last week. Ratings of the five companies including Koç Holding, Doğan Holding and Turkcell were downgraded. Moody’s statement announces that the rating actions were driven by Moody’s recent decision to downgrade Turkey’s sovereign rating. İstanbul and İzmir councils’ ratings were downgraded as well.

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