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S&P Cuts Turkey Credit Rating, Citing Political Uncertainty

  • Turkey’s rating lowered one notch to BB with negative outlook
  • President Erdogan declared three-month state of emergency
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Turkey in State of Emergency Has Rating Cut to BB

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S&P Global Ratings lowered Turkey’s sovereign debt rating, warning that rising political uncertainty after last week’s coup attempt could scare off investment and undermine fiscal management.

S&P cut Turkey’s credit rating one level to BB, two steps below investment grade, and assigned a negative outlook. The move came shortly before President Recep Tayyip Erdogan said he would impose a three-month state of emergency as the government pursues those responsible for the failed coup.