August 17, 2018 / 8:28 PM / a month ago

S&P lowers Turkey's credit rating deeper into junk territory

ISTANBUL, Aug 17 (Reuters) - Standard & Poor’s said on Friday it had cut Turkey’s sovereign credit rating deeper into “junk” territory, citing extreme lira volatility and forecasting a recession next year.

The rating agency kept Turkey’s outlook at stable. The one-notch downgrade to B+ from BB- will add to Turkey’s woes as it deals with a currency crisis which has wiped nearly 40 percent off the value of the lira against the dollar this year.

Reporting by Daren Butler; Editing by Catherine Evans

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