Moody's cuts Turkey rating review from schedule

The U.S.-based credit rating agency Moody's on Friday withdrew a rating review on Turkey from its schedule.

Moody's published a "Countries Note Review Calendar" on its website, which did not include a possible assessment date for Turkey. The note in the updated calendar said that Turkey's assessment has been lifted from the countries' credit note surveillance schedule on Nov. 22. In the calendar, there is no further date for the evaluation of a new note for Turkey this year.

According to a previous forecast credit rating reviewing calendar, the organization's assessment of Turkey was to be announced on Friday.

Economists previously suggested that Moody's was likely to pass its assessment of Turkey, arguing that the agency's decision to take action would be hasty as enough time had not passed since its previous ranking. Moody's had placed Turkey under scrutiny following the Gülenist Terror Group's (FETÖ) failed coup attempt on July 15 and downgraded the country's sovereign credit rating from "BAA3" to non-investment grade "BA1" and kept its financial outlook "stable." On Sept. 23, the agency said the country's finances have weakened, amid increased political turmoil since July 15, economic indicators, however, state the opposite. Moreover, it was again Moody's who claimed the shock to Turkish economy following the July 15 failed coup attempt had largely dissipated and there was no need to announce a decision for at least a month, and that statement was just two days before the downgrade on Sept. 23.