S and P cuts Turkey debt outlook to negative

The Standard and Poor's agency on Friday downgraded Turkey's credit rating to "negative" from "stable" because of a slump of the lira while Fitch cut its sovereign debt to junk. The national currency has dropped 18 percent against the dollar since Standard and Poor's latest review of Turkey in November, raising inflationary pressures, endangering corporate balance sheets and hurting economic growth, S and P said.