(MENAFN) Standard & Poor"s decided to downgrade Turkey's rating from stable to negative citing risks of a hard economic landing and that the policy environment was becoming less predictable, The Peninsula Qatar reported
The corruption investigation into the prime minister's administration, coupled with the lira's sharp drop and the growing inflation have caused concerns regarding political and economic stability in the country
In a statement, Standard & Poor"s said: "Turkey appears to have suffered an unanticipated erosion of institutional checks and balances and governance standards.
The agency downgraded Turkey's outlook to negative on its unsolicited "BB+" long-term foreign currency and "BBB" long-term local currency ratings
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