Erdogan says rating agencies seek to corner Turkey, should not be taken seriously

FILE PHOTO: Turkish President Tayyip Erdogan addresses members of parliament from his ruling AK Party (AKP) during a meeting at the Turkish parliament in Ankara, Turkey, March 6, 2018. REUTERS/Umit Bektas

ISTANBUL (Reuters) - Credit rating agencies are preoccupied with trying to drive Turkey into a corner and financial markets should not take them seriously, President Tayyip Erdogan said on Friday, a day after Moody’s downgraded Turkey’s sovereign rating.

He was addressing his ruling AK Party after Moody’s cut Turkey’s rating further into junk territory, citing a continued weakening of its institutions and the increased risks from its wide current account deficit.

Reporting by Ece Toksabay and Tuvan Gumrukcu; Writing by Daren Butler