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Lira slides further as Fitch set to review Turkey’s rating

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The Turkish lira started Friday in a negative position as Fitch, the only major credit rating agency that keeps Turkey within investment grade territory, was expected to review its assessment later that day.

The agency has long been keeping its outlook on Turkey negative, meaning the next move would likely be a downgrade.

The lira dropped from around 3.87 against the dollar on Thursday to as low as 3.8969 early on Friday.

Moody’s cut its sovereign credit rating on Turkey to junk following a similar move by Standard and Poors, which rates Turkey two notches below investment grade, in 2016, a tough year during which the lira lost 16 percent of its value.

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