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Standard and Poor revises Turkey's credit outlook to negative

International credit rating agency Standard & Poor (S&P) revised Turkey’s credit outlook from stable to negative on Friday, while keeping its credit note as BB+. A statement from S&P on Friday listed two reasons for Turkey’s credit outlook revision. "First, we believe that Turkey's fiscal and monetary policies have exposed the country to a potential hard landing as external conditions tighten. In particular, Turkey's external and fiscal positions could suffer beyond our base-line forecasts published on Nov. 22, 2013, should GDP performance worsen beyond our current expectations,” the statement said. "Second, Turkey appears to have suffered an unanticipated erosion of institutional checks and balances and governance standards. For example, we believe that any constraints on the independence and transparency of the Central Bank of the Republic of Turkey (CBRT) pose a risk to an economy that has traditionally relied on significant external financing needs.”

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