Turkish deputy premier slams S&P’s Turkey rating

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The timing of Standard & Poor's (S&P) rating cut after Turkey's decision to hold early elections is wrong, Deputy Prime Minister Mehmet Simsek tweeted on Wednesday.

Simsek's comments came after the international credit rating agency downgraded Turkey's sovereign credit rating to BB-/B from BB/B with a stable outlook.

In several posts made from his official Twitter account, Simsek questioned the move, especially since he pointed the rating agency was set to review the country's credit rating in August 2018.

"Is there any development that required them from moving to an earlier date?" he tweeted.

He also said S&P's analysis was "insufficient".

Pointing out Turkey's overheating as last year's story, Simsek said the increase in credit volume slowed down in 2018.

"Financial conditions are tighter compared to 2017. Turkish Central Bank reacted even if it was a delayed [reaction]," he said.

He said the rise in current account deficit was "most likely" temporary as it was mainly driven by gold import and higher oil prices, adding:

"Deceleration in consumer loan will limit the rise in the gap."

Simsek highlighted that tourism has significantly recovered in Turkey.

Highlighting that the government took necessary measures and would continue to do so, he said: "We will accelerate reforms after elections."

He also said uncertainties were being reduced thanks to the Central Bank's decision on simplification of the monetary policy, early elections to which markets have reacted positively, and recovery in ties with the EU and the U.S.

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