Turkey’s credit rating slashed amid lira’s ‘extreme volatility’

Turkey’s credit rating has been slashed further into “junk” by both Moody’s and S&P Global Ratings as the lira exhibited “extreme volatility” and as policy-making in the country became less predictable. S&P cut the country’s long-term local currency rating to BB-, four notches below investment grade, and reduced its long-term foreign currency sovereign...