U.S.-based credit rating agency Moody's faces harsh criticism after Friday's decision to cut Turkey's sovereign debt rating by one notch to the speculative level of "Ba1." The government as well as the country`s business community do not believe Turkey deserves this move, which the agency reasoned as the country's finances have weakened amid increased political turmoil since the July 15 coup attempt. The decision was quite surprising since Moody's said previously on Wednesday that the shock to Turkey's economy following the July 15 failed coup attempt had largely dissipated. Turkey will continue to make structural economic reforms and maintain fiscal discipline, Deputy Prime Minister Mehmet Şimşek said Saturday."Expediting the structural economic reforms and protecting the fiscal discipline will be our best answer to the credit agencies. We will keep reforms without stopping," Şimşek, who is responsible for Turkey's economy, tweeted.About the Turkish economy's resilience, he said: "The fundamentals of Turkey are solid. Our economy grew 5.2 percent in the post-global financial crisis era regardless of lots of domestic and international shocks."He also highlighted issues of research and development, labor force market, healing of investment environment and an increase of individual savings to point out the accomplished reforms in this year.In a televised interview, Finance Minister Naci Ağbal said that Moody's should enlighten the public immediately saying, "What are the factors forcing Moody's to make such an announcement in a rush?" The finance minister added, "Structural reforms are being realized, necessary precautions are being taken to increase growth, interest and inflation indicators are sufficient. ... Moody's' decision has no rationality."Prime Minister Binalı Yıldırım has also voiced his criticism on Saturday saying, "The Turkish economy is not an economy to judge according to the reports of three or five rating agencies. The Turkish economy is an economy which targets production, growth, stability and welfare and development for its 79 million citizens."Economy Minister Nihat Zeybekci also tweeted about the U.S.-based credit agency's decision and pointed out Turkey's ongoing economic reforms, shock resistance and growth performance."Moody's decision to decrease Turkey's rating does not comply with macroeconomic fundamentals in any way. In an environment of a global economic slowdown, Turkish economy has grown by 3.9 percent in the first half of the year," Zeybekci said.He also said the Turkish economy had decreased its current account deficit and produced a budget surplus, while many other global economies went in the opposite direction."As opposed to Moody's statement, neither in private sector nor in public sector experienced any deteriorations in their funding capabilities... We, as the government, will maintain our political solidarity without giving up market-friendly practices and improve business environment with reforms," Zeybekci added."It is highly possible that such a decision - given two days after saying no decisions would be made in a month - is far from being an objective one and is politically motivated," wrote Nail Olpak, chairman of the Independent Industrialists and Businessmen's Association (MÜSİAD). He also wrote, "The international credit rating agencies' decisions, which raises borrowing costs of countries and companies, has been the reason behind the economic crises in many countries."The Head of Turkish Exporters Assembly Mehmet Büyükekşi said the excuses given for the decision do not reflecting the truth about Turkey, adding the decision is not objective. In a written statement, which reiterated the economic figures of the country, Büyükekşi said as more interest rate cuts by the Central Bank of the Republic of Turkey (CBRT) and more structural reforms are realized by the government, further investments are expected to be realized.Istanbul Chamber of Commerce (İTO) President İbrahim Çağlar assessed Moody's degradation of Turkey's credit score saying that "Turkey is no longer a country that experiences fluxes and refluxes in the eyes of foreign investors through the game of interest played by the tripartite gang of credit rating agencies, with one of them being Moody's." Stressing that Turkey offers investment potential for investors that extends beyond credit scores, Çağlar stated Moody's decision will not have a permanent impact on investors."Turkey continues to operate in a fragile financial and geopolitical environment," Moody's said on Friday. "Its external vulnerability has risen, both over the past two years and more recently as a result of unpredictable political developments and volatile investor perception." Moody's put Turkey's credit rating on review for a possible downgrade to junk status on July 18.Both Fitch and Moody's rate Turkey at the lowest investment grade. This allows its bonds to be bought by conservative funds that require a country to be classed investment grade by at least two of the major agencies.Turkey's government has said the defeated coup, which left over 240 people killed and nearly 2,200 injured, was organized by followers of Fetullah Gülen, who has lived in self-imposed exile in the U.S. state of Pennsylvania since 1999, and his FETÖ network.Gülen is also accused of a long-running campaign to overthrow the state through the infiltration of Turkish institutions, particularly the military, police and judiciary, forming what is commonly known as "the parallel state".