Downgrade

The Biden administration wants to downgrade the region: Here are the countries he can ignore and the ones he can’t

Moody's late on June 7 downgraded and placed on review for further downgrade the ratings of 17 banks in Turkey, while also placing on review for downgrade the ratings of two finance companies. 

Deputy Prime Minister Mehmet Şimşek has said the July 15 coup attempt was not the main cause behind the Moody's rating downgrade but rather that ongoing structural problems were to blame, adding that Turkey would overcome these issues and make efforts to address structural problems rather than succumb to emotions after the downgrade.

Fitch Ratings piled on the recent bad news for the Greek economy this week by downgrading Greece's systemic banks, including the market leader National Bank of Greece.

The move comes after a March 27 decision by the same ratings company to downgrade the country's sovereign rating.