Print Edition - 2018-05-03  |  Money Digest

S&P cuts Turkey’s debt rating


May 3, 2018-

Ratings agency S&P said on Tuesday it cut the rating on Turkey’s foreign debt due to deteriorating finances and rising inflation. The grade on the country’s foreign currency debt dropped to speculative ‘BB-/B’ for long- and short-term issues respectively, but with a stable outlook, S&P said in a statement. “Our downgrade reflects our view that there is a risk of a hard landing for Turkey’s overheating, credit-fueled economy,” the agency said. (AFP)

Published: 03-05-2018 08:20

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