Turkey's credit rating was downgraded

Rubiales, who 'kissed the Spanish athlete on the lips resigned

Credit rating agency Moody's stated that the benefits of returning to traditional economic policies will begin to be seen after the elections, and signaled that Turkey's credit rating may increase if it adheres to this.

Turkey - Rubiales - Credit

Turkey's credit rating was downgraded to an uninvestable level by the three major rating agencies due to the unconventional monetary policies followed in recent years and the exchange rate crises.

Speaking to Reuters, Moody's analyst Dietmar Hornung stated that the change in policies was definitely positive for the credit outlook, but emphasized that there were still some significant uncertainties.

Moody's, which has fixed Turkey's credit rating with a B3 outlook, will update its credit rating in December. 

On the other hand, Fitch, which determined the credit rating at a lower level and its outlook as negative, will announce its update on Friday. The steps we have seen since the elections are promising, but the problems are also quite complex," Hornung said, adding that they expect inflation to rise to 65 percent this year and that there are a number of imbalances that are difficult to deal with.

"Our credit outlook is normal and we see no downside risk, but it will take time to see the positive effects of the change," Hornung said. 

When asked about the timing of a possible change in credit rating and outlook, Hornung replied that this was a marathon, not a sprint.

source:euronews