“S&P’s action may increase market expectations of a downgrade to sub-investment grade by Moody’s,” JPMorgan said, Reuters reports.
Erdogan has also declared a three-month state of emergency to in response to the failed coup. The administration is pursuing those accused of being behind the coup and has arrested thousands of army officers, judges, teachers and prosecutors.
SEE MORE: Concerns Mount for Controversial Turkey ETF
According to the Wall Street Journal: Gulen’s followers “in 2014 started using ByLock, an encrypted messaging app, according to senior Turkish intelligence officials. … The Turkish spy agency shared the decrypted files with other government ministries … Days later, on March 21, Turkish analysts saw a YouTube video that showed Mr. Gulen wearing for the first time a khaki robe the same green hue used by the army. Analysts at MIT believed he was signaling his followers in the army, but they had no idea what. A person close to the Gulen group said such speculation was unfounded.”
For more stories on the lone Turkey ETF, visit our Turkey category.
iShares MSCI Turkey ETF
