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.
