International credit rating agency S&P Global Ratings has announced that it has lowered its foreign and local currency sovereign credit ratings on
Turkey to 'BB' and 'BB+', respectively, from 'BB+' and 'BBB-'.
S&P stated that the downgrade reflects its view that following the attempted coup on July 15
Turkey's political landscape has fragmented further and S&P believes this will undermine
Turkey's investment environment, growth, and capital inflows into its externally leveraged economy.