Turkish minister lashes out Fitch rating downgrade

Turkish Labour and Social Security Minister Mehmet Muezzinoglu criticized ratings agency Fitch on Tuesday after it downgraded Turkey's rating on Friday.

Speaking at Anadolu Agency's Editor's Desk, Muezzinoglu said the Fitch move was not an "economic" but a "political" one.

"Today, the Turkish economy multiplies Greece by 100 with its dynamics, export and production. But it [Greece] will never suffer rating downgrades, but upgrades.

"Why? Because the [Fitch] move is not economic, but political," Muezzinoglu said.

On Jan. 28, Fitch lowered Turkey's credit rating to "BB+", from "BBB-" with a stable outlook.

"Political and security developments have undermined economic performance and institutional independence," Fitch said in a statement. "High-profile terrorist attacks have continued, damaging consumer confidence and the tourism sector,” it claimed.

Although the political environment "may stabilize," security challenges remain, Fitch added.