International credit rating agency Standard & Poor's Ratings Services has announced that it has revised the outlook for
Turkey's long-term foreign and local currency sovereign credit ratings from positive to stable, due to declining external demand and worsening terms of trade (the price of exports compared to imports).
S&P indicated that
Turkey's high external debt and the state budget's reliance on indirect tax revenues have increased the risks to
Turkey's creditworthiness, adding that the key risks regarding the Turkish economy are likely to remain in balance in the next 12 months.