Turkey in State of Emergency Has Rating Cut to BB
S&P Global Ratings lowered Turkey’s sovereign debt rating, warning that rising political uncertainty after last week’s coup attempt could scare off investment and undermine fiscal management. S&P cut Turkey’s credit rating one level to BB, two steps below investment grade, and assigned a negative outlook. The move came shortly before President Recep Tayyip Erdogan said he would impose a three-month state of emergency as the government pursues those responsible for the failed coup. S&P Global Ratings Credit Analyst Trevor Cullinan discusses with Bloomberg's Manus Cranny on "Countdown."