Given that they were dishing out high ratings to all and sundry right up to the 2008 crash – and were judged to have been accomplices before the fact – you might want to ask how much their “ratings” can be trusted . . .
Two major global ratings agencies lowered Turkey’s ratings Aug. 17, saying they could be upgraded with certain economic improvements.
Standard & Poor’s said it lowered the country’s long-term foreign currency sovereign credit rating to ‘B ‘ from ‘BB-‘ while maintaining the outlook at stable.
The agency also said it affirmed the short-term foreign and local currency sovereign credit ratings on Turkey at ‘B’.
“We could consider an upgrade if the government successfully devises and implements a credible economic adjustment program that bolsters confidence, stabilizes balance-of-payments flows and brings inflation under control,” the agency said in a statement.