Rating agency Moody's on Friday lowered Turkiye's sovereign credit rating by one notch to "B3" from "B2", citing rising balance of payment pressures and risks of further declines in the country's foreign-currency reserves, APA reports citing Reuters.
"(The) current account deficit will likely exceed earlier expectations by a wide margin, raising external financing needs at a time of tightening financial conditions globally," the agency said in a statement.
Moody's, however, raised its outlook on the country to stable from negative, reflecting a view that the risks at the B3 level are balanced.
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