Saturday, January 28, 2017

Fitch downgrades Turkey's rating with stable outlook

Fitch Ratings lowered Turkey's credit rating to "BB+", from "BBB-" with a stable outlook, the global rating agency announced Friday.

"Political and security developments have undermined economic performance and institutional independence," Fitch said in a statement. "High-profile terrorist attacks have continued, damaging consumer confidence and the tourism sector.”

Although the political environment "may stabilize," security challenges remain, it said.

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