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Moody's skips due date for reporting Turkey's rating

Moody's report, which was widely expected to be published on Friday, failed to appear during working hours. Turkey’s Economy Minister Nihat Zeybekci said last week that he expected the ratings agency to give a negative outlook for Turkey. His comments were followed by a significant sell off in the stock market and a depreciation in the Turkish lira. Some analysts said the lack of reporting could indicate the institute did not want to shake the markets with a negative report, when they were already strained with geopolitical tensions in Ukraine and Iraq. Moody’s later released a statement on its website saying there were three possible dates for it to publish its credit ratings as an indication of potential market moves. The agency said it had also not published its ratings for Sweden and Azerbaijan.

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