Erdogan slams international credit rating agencies

By Emin Avundukluoglu

ANKARA (AA) – President Recep Tayyip Erdogan has said international credit rating agencies have no business to comment on the upcoming referendum on constitutional reforms in Turkey.

Addressing the economic council of the Turkish Union of Chambers and Commodity Exchanges (TOBB) in Ankara on Tuesday, Erdogan referred to credit rating agencies like Fitch, which lowered Turkey's credit rating to "BB+", from "BBB-" with a stable outlook at the end of January.

He asked the agencies about their justifications for such ratings on Turkey. “What's that to you? The constitutional referendum in Turkey is none of your business. Who are you?" he said.

According to Fitch, "Political and security developments [in Turkey] have undermined economic performance and institutional independence…High-profile terrorist attacks have continued, damaging consumer confidence and the tourism sector.”

Turkey’s referendum for constitutional change is expected to be held on either April 9 or April 16.

On Jan. 20, lawmakers from the ruling Justice and Development (AK) Party and Nationalist Movement Party (MHP) voted in favor of a new constitutional reform package.

Two opposition parties -- the People’s Republican Party (CHP) and Peoples’ Democratic Party (HDP) -- remain opposed to the proposed changes.

Aside from the change to an executive presidency, other reforms include allowing the president to maintain party political affiliation. There will be changes to Turkey’s highest judicial body, which would be renamed while retaining its independence and own budget. It also sets 2019 as the date for Turkey’s next presidential and parliamentary elections.

The president noted Turkey faced some hurdles on its way to progress, including threats from the Fetullah Terrorist Organization (FETO), Daesh, and the PKK terrorist groups.

"We have taken the road to stand against those who stand against our flag, and taken this road to say Yes to this presidential system," Erdogan said, adding the Turkish nation would confirm this political journey by voting in favor of constitutional change in the referendum.