Moody’s lowers Turkey

Moody's Investors Service said it downgraded Turkey's long-term issuer ratings to B1 from Ba3 and maintained the negative outlook.

The senior unsecured bond ratings were downgraded to B1 from Ba3.

The agency said the downgrade reflects a view that the risk of a balance of payments crisis continues to rise, and with it the risk of a government default.

“The B1 rating balances these risks against the country's fundamental credit strengths, particularly its large, diversified economy and still-moderate levels of government indebtedness,” the agency said in a news release.

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