March 20, 2017 / 1:27 PM / a year ago

Turkey CDS rise to two-week high after Moody's cuts outlook

LONDON, March 20 (Reuters) - The cost of insuring exposure to Turkish debt rose on Monday to the highest level in two weeks after ratings agency Moody’s cut the sovereign’s outlook to negative from stable after markets closed on Friday.

Data from IHS Markit showed that five-year credit default swaps (CDS) for Turkey rose 21 basis points (bps) from Friday’s close to 243 bps, the highest level since March 3.

Moody’s cited the continuing erosion of Turkey’s institutional strength as a factor in the cut.

Reporting by Claire Milhench; editing by Sujata Rao

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