Moody’s Turkey rating ‘wrong’: expert

An international credit rankings agency’s decision to downgrade Turkey’s rating is unjustified, an expert said Saturday as Turkey continues to recover from the failed July 15 coup attempt, reported Anadolu Agency.

Moody’s downgraded Turkey’s sovereign debt rating last Friday.

Huseyin Yucel, the vice president of Bahcesehir k12 schools, stressed that the “wrong” decision was not well-prepared.

Turkey is still worth investing in, he said at a panel discussion, pointing to Turkey’s economic opportunities and strong record of investing in its youth through education.

Moody’s said the move “concludes the review for downgrade that was initiated on 18 July,” just days after the failed coup attempt.

The global credit agency said assigning a stable outlook balances downside risks in the Turkish economy, which the agency defined as “large and flexible”.

Yucel said that the attempted coup negatively effected U.S.-Turkish relations and that ties now need rehabilitation.

Also speaking at Bahcesehir University’s Washington, DC campus, Bestimage Group CEO Serdar Senel, added that the people of the U.S. and Turkey need more communication between one another to foster greater understanding.