Economics
Turkey Cut Deeper Into Junk by Fitch as Erdogan Tightens Grip
- Credit rating lowered to two notches below investment grade
- Fitch says risks ‘intensified’ on declining policy credibility
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Turkey was cut deeper into junk territory by Fitch Ratings, which cited the nation’s widening current-account deficit, rising inflation and declining economic policy credibility.
The lira slid 0.2 percent, extending its biggest weekly decline since the global financial crisis, after the ratings company lowered the nation’s long-term sovereign debt rating to BB from BB+ on Friday.