S&P Lowers Outlook for Turkey’s Debt Rating to Negative
- S&P cites deposit compensation plan, earthquake costs
- Also cites ‘modest’ FX reserves, ‘unrestrained inflation’
Turkey's President Recep Tayyip Erdogan
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
S&P Global Ratings lowered its outlook for Turkey’s sovereign credit rating to negative from stable, citing a series of challenges including earthquake-recovery costs and uncontrolled inflation.
The rating company affirmed its B rating for Turkey, leaving it on par with Egypt and Kenya.