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Turkey loses last investment grade rating after Fitch cut

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Fitch has cut Turkey’s sovereign rating to junk level, becoming the last major rating agency to put the country under investment-level territory.

Fitch’s decision came hours after S&P revised its outlook on Turkey from stable to negative.

The agency had 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 on Friday.

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