Moody's downgrades Turkey's credit score

Moody’s downgraded the rating to B2 from B1 and maintained a negative outlook. The three key drivers for the downgrade are:

“Turkey's external vulnerabilities are increasingly likely to crystallise in a balance of payments crisis.

As the risks to Turkey's credit profile increase, the country's institutions appear to be unwilling or unable to effectively address these challenges.

Turkey's fiscal buffers, which have been a source of credit strength for many years, are eroding.” (EVRENSEL DAILY)