Turkey in a state of emergency - BBH

Research Team at BBH, notes that the Turkish President Erdogan declared a three-month state of emergency. 

Key Quotes

“The government said it will pursue the coup plotters.  Under the state of emergency, the government can suspend customary rights and freedoms of individuals, where suspects can be detained longer without trial.  Erdogan warned the EU not to interfere, and ominously said that other countries may have been involved in the failed coup. 

Elsewhere, S&P downgraded Turkey a notch to BB with a negative outlook, citing political uncertainty.  Erdogan warned that “S&P should not mess with Turkey.”  This comes days after Moody’s put its Baa3 rating on review for possible downgrade.  We agreed with both moves, as our own sovereign ratings model views Turkey as a BB/Ba2/BB credit.  Fitch should also move soon.”