S&P trims Turkey

S&P said it trimmed Turkey’s lowered its unsolicited long-term sovereign credit ratings on Turkey to B from B+.

“Loose monetary and fiscal policy settings, and low net foreign-currency reserve levels, underscore the Turkish lira's vulnerability to renewed volatility, with implications for financial stability and public finances. In the run-up to the 2023 elections, broader fiscal risks are also on the rise as measured by the widening overall public deficit and the dollarization of the sovereign's on- and off-balance-sheet liabilities,” S&P said in a press release.

The outlook is stable.

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