We disapprove both the downgrade and its timing

Mehmet Büyükekşi:

TİM President

Downgrade would mean to award the adversaries when democracy and sustainability triumphed. We disapprove both the downgrade and its timing.

The terrorist attempt occurred this weekend in Turkey was suppressed under legal order.

Contrary to most of the similar events around the world, the markets continued to operate as usual, which should be appreciated.

Even the capital movements were not restricted as Central Bank of Turkey announced reassuring precautions.

Under these circumstances, it is completely impossible to approve any downgrade.

A downgrade would mean to award the terrorists trying to damage the Turkish Government and the economy which remains standing with the determination of Turkish People.

S&P does not have any agreement with the Undersecretariat of Treasury, since S&P insisted on not upgrading Turkey's rating to investment grade while Moody's and Fitch did so. However, this situation does not necessarily prevent S&P to grade us.

Still, we should state that we are surprised by such a rushed grading.

S&P's statement underlines the possibility of deferment in practicing the reforms.

Nevertheless, S&P should have waited for the reaction and the steps taken by the Cabinet.

The Republic of Turkey has faced the greatest treason in its history. However, our noble nation replied this treacherous coup attempt with their courageous and sagacious efforts. Democracy triumphed over tyranny.

We sincerely expect other credit rating institutions to be more objective, patient and supportive in their decisions.