Standard & Poor's cut the outlook on Turkey's 'BB' sovereign credit rating to stable from positive on Tuesday, saying risks to its creditworthiness had risen as a result of its high debt and worsening terms of trade as demand for its exports weakens, Reuters reports.
Data on Tuesday showed Turkey's exports fell 2.9 percent year-on-year in April to $11.41 billion but were 5.9 percent higher, at $45.66 billion, in the first four months of the year.
"Less-buoyant external demand and worsening terms of trade have, in our view, made economic rebalancing more difficult, and have increased the risks to Turkey's creditworthiness given its high external debt and the state budget's reliance on indirect tax revenues," S&P said in a statement.
S&P downgrades Turkey's rating
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