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Turkey Outlook Revised to Negative at Fitch as Reserves Drop

Lira Extends Drop In Sign Of Further Turkish-Market Turmoil
Photographer: Kerem Uzel/Bloomberg

Turkey’s outlook was revised to negative from stable by Fitch Ratings, which said that factors including a depletion of foreign-exchange reserves and weak monetary policy credibility have “exacerbated external financing risks.”

The ratings company affirmed Turkey’s credit score at BB-, three levels below investment grade. That’s on par with Brazil, Jordan and Armenia.