In double whammy for Turkey, Fitch cuts to junk after S&P slashes outlook

By David Dolan and Daren Butler
ISTANBUL (Reuters) – Ratings agency Fitch downgraded Turkey’s sovereign debt to “junk” on Friday, snuffing out its last remaining investment grade and underscoring deepening concern about politics and monetary policy in what was once a star emerging market.
The ratings cut, although widely expected by the market, came hours after rival agency Standard & Poor’s surprised investors by lowering its outlook for Turkey to “negat