S&P lowers Turkey's credit rating deeper into junk territory

  • In World
  • 2018-08-17 20:28:16Z
  • By Reuters

ISTANBUL (Reuters) - Standard & Poor's said on Friday it had cut Turkey's sovereign credit rating deeper into "junk" territory, citing extreme lira volatility and forecasting a recession next year.

The rating agency kept Turkey's outlook at stable. The one-notch downgrade to B+ from BB- will add to Turkey's woes as it deals with a currency crisis which has wiped nearly 40 percent off the value of the lira against the dollar this year.

(Reporting by Daren Butler; Editing by Catherine Evans)


More Related News

Unable to Buy Iran Oil, Socar
Unable to Buy Iran Oil, Socar's Turkish Refinery Turns to Russia

(Bloomberg) -- Azerbaijan's state oil company is turning to Russia to supply a new $6.3 billion refinery it built in Turkey because shipments from one of its preferred suppliers -- Iran -- are off the table due to U.S. sanctions.The Star Refinery in Aliaga on the Aegean coast agreed to buy an initial

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: World

Hit "Like"
Don't miss any important news
Thanks, you don't need to show me this anymore.