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S&P Cuts Turkey Local Currency Rating on Ukraine War Impact

  • Rating agency cuts Turkey’s lira debt further into junk
  • S&P kept a negative outlook on the country in statement

S&P Global Ratings cut Turkey’s local currency credit rating further into junk, while keeping a negative outlook on the country and affirming the foreign currency score. 

The company lowered Turkish debt’s local-currency rating by one notch to B+, four levels below investment-grade, citing the impact of soaring energy prices from Russia’s war in Ukraine. It kept the foreign currency score at B+, on par with Bahrain and Bolivia.