Moody's International Rating, the ratings of 17 banks, two municipalities and seven Turkish companies, downgraded Turkey's rating, according to local press reports.
"Moody's" downgraded the rating of 7 companies in Turkey and kept the rating of 3 other companies, as 5 companies lost the classification of "the possibility of investment."
The agency said in its statement that the credit rating downgrade is due to the decline in the country's rankings.
Moody's downgraded companies such as Anadol Afas, Coca-Cola Beverages, Turkcell and OYAK.
Moody's also downgraded the ratings of Izmir and Istanbul, from Ba1 to Ba2, and downgraded the credit rating of 17 Turkish banks.
A few days ago Moody's downgraded sovereign ratings from Ba1 to Ba2.
Turkish President Recep Tayyip Erdogan criticized Moody's for lowering Turkey's credit rating, saying: "The assessment you value to us is of no value to us.
He added: "The main concern of Moody's is to put Turkey in a bind to give opportunity to those who wish to benefit from this situation."