Credit rating agency

S&P upgrades Turkey's outlook to 'stable' on gradual implementation of economic reforms

Turkey's outlook was revised up to "stable" from "negative" by global ratings agency Standard & Poor's (S&P) late on Nov. 4, mainly due to a gradual implementation of economic reforms. 

The announcement came on the same day as the Turkish Lira slid to a record low against the dollar after the arrest of lawmakers from the Kurdish issue-focused Peoples' Democratic Party (HDP).

Moody’s optimistic about 2.8bln sub-tranche to Greece

Moody’s ratings agency released a report expressing optimism that Greece would receive the 2.8 billion Euro sub-tranche and would see a growth rate of 1.8% in 2017. The agency underlines that the country faces no immediate liquidity pressures, noting there are only a few ‘light’ debt payments due until the start of 2017.

Turkey's response to the Moody's decision

Credit ratings agency Moody's has downgraded Turkey's sovereign credit rating to non-investment grade.

What does that mean? This is an issue for economists and I am not an economist.

So why am I writing about this subject? I do so because I find the statement after the decision by Mehmet Şimşek, the deputy prime minister responsible for the economy, very important.

Moody's downgrades Turkey's sovereign debt rating to 'junk' level

Ratings agency Moody's cut Turkey's long-term issuer and senior unsecured bond ratings by one notch to the speculative or "junk" level of Ba1 with a "stable" outlook late Sept. 23, citing risks related to the country's sizeable funding requirements and slowing down in its GDP growth and institutional strength.

S&P Affirms Bulgaria at 'BB+/B', Outlook Stable

Standard & Poor's has affirmed its long-term and short-term sovereign credit ratings on Bulgaria at 'BB+/B', with a stable outlook.

"The stable outlook reflects our view that Bulgaria's fiscal flexibility, arising from still-low general government debt, balances potential risks from the financial sector," the global rating agency said in a statement on Friday.

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