, Columnist
Turkey’s Inevitable Credit Rating Cut
President Erdogan’s reaction to a likely downgrade could upend an uneasy truce in the markets.
What’s next in Istanbul?
Photographer: Kerim Okten/Getty Images
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S&P Global Ratings is scheduled to update financial markets about how it views Turkey’s creditworthiness on Friday. Investors have already delivered their collective verdict by driving up the nation’s borrowing costs and sending the lira to record lows this week.
But it’s how Turkey’s leaders respond to what looks like an inevitable downgrade at some point that will set the tone for the next chapter in the country’s unfolding economic drama.