U.S.-based credit rating agency Standard & Poor's' (S&P) decided to downgrade Turkey's sovereign debt rating level from BB+ to BB on Wednesday, facing harsh criticism from Turkey, which is not a member of the rating agency. Businessmen are calling the decision politically motivated and President Recep Tayyip Erdoğan said that Turkey will continue to invest and implement economic reforms despite the setback. After S&P announced its hasty downgrading decision, Erdoğan said: "What is your deal with Turkey? Do not mess with us."

S&P has served like a blackmailing body during every precarious event Turkey has experienced. The July 20 move downgraded Turkey's credit outlook from stable to negative. The Turkish Treasury removed S&P from its list back in 2012.

President Erdoğan said: "What is your deal with Turkey? Turkey is not a member of your agency.[S&P] is currently announcing a political decision in its own way. Do not mess with us." Stating that investments would continue in a decisive way, Erdoğan said: "Your power cannot prevent us from making investments. All these statements do not reflect the truths about Turkey. Perhaps they lean towards taking some different steps. During this period, Turkey will continue incessantly in reform efforts regarding the Turkish economy."

Indicating that the agencies wait like vultures to act during periods of crisis, Erdoğan said: "Tomorrow, they can spread plenty of viruses in the market and lean towards taking different steps. During this period, Turkey will continue its economic reforms nonstop; particularly regarding incentives in terms of increasing savings. The Central Bank has made announcements to clarify and I believe they will continue decisively from this day forward. A liquidity problem is out of the question and it will be."Making a threat to downgrade Turkey's credit rating if the U.S. troop proposal failed to pass prior to Parliament voting in 2003, Moody's, a U.S.-based credit rating agency, emerged again during the most critical hours when Turkey was trying to prevent the attempted coup. Taking Turkey's credit rating under examination in order to downgrade it to the "garbage" level following the attempted coup on July 15, Moody's took 17 Turkish banks, rated in accordance with the country's rating, under "negative examination." One of the big three credit rating agencies; Fitch Ratings, claimed that the risk in Turkish banks had increased. Collaborative investment banks did not wait too long before operating based on the sided evaluations of the credit rating agencies. JP Morgan, a multinational banking and financial services company, asserted that if Turkey's rating dropped below the investable level, a bond sale worth $10 billion might be in question.