Fitch Ratings cut the outlook on Turkey’s sovereign credit rating to negative, citing a deterioration in domestic confidence as a result of monetary easing the credit assessor described as “premature.”
The outlook change comes a day after President Recep Tayyip Erdogan abruptly replaced his finance minister amid deepening rifts in the administration over aggressive interest-rate cuts that have undermined the currency. The lira has weakened about 30% over the past month.
