Saturday, January 28, 2017

Turkey loses last major investment grade rating after Fitch downgrades country's sovereign debt to 'junk'

Ratings agency Fitch downgraded Turkey's sovereign debt to "junk" lateon Jan. 27, snuffing out its last remaining investment grade byunderlining deepening concerns over the country's political and security developments.

"Political and security developments have undermined economic performance and institutional independence," Fitch said in a statement.

It lowered Turkey's rating to BB+ from BBB-, the latter being itslowest investment-grade rating. Fitch revised Turkey's ceiling to"BBB-" from "BBB" but maintained the country's stable outlook.

Fitch has thus become the latest agency which cut Turkey’s sovereign borrower rating.

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