Turkey Cut Deeper Into Junk by S&P on Risk of ‘Hard Landing’

Turkey’s credit rating was lowered by S&P Global Ratings, which cited a deteriorating inflation outlook and the long-term depreciation and volatility of the nation’s exchange rate.

S&P reduced its foreign-currency rating to BB-/B, on par with Brazil and Vietnam, according to a statement Tuesday. That’s below where it’s rated by Moody’s Investors Service and Fitch Ratings.