S&P Global, Moody's both downgrade Turkey's sovereign ratings [MarketWatch]
S&P Global Inc. (SPGI)
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Source: MarketWatch
S&P Global, Moody's both downgrade Turkey's sovereign ratings S&P Global Ratings on Friday lowered Turkey's long-term foreign currency sovereign credit rating to 'B+' from 'BB-' with a stable outlook. "The downgrade reflects our expectation that the extreme volatility of the Turkish lira and the resulting projected sharp balance of payments adjustment will undermine Turkey's economy," said the ratings agency. S&P Global also projected the Turkish economy to sink into a recession in 2019 even as inflation accelerates to 22% in the next four months. The ratings agency also warned that the weaker lira is putting pressure on the highly indebted corporations and raised the funding risk for Turkey's banks. Moody's Investors Service also downgraded Turkey's sovereign rating to 'Ba3' from 'Ba2' and revised the outlook to negative. "The key driver for today's downgrade is the continuing weakening of Turkey's public institutions and the related reduction in the predictability of Turkish policy
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SPGI
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