Moody's credit rating agency lowered Turkey's credit rating from B2 to B3 for the first time in its history.
Turkey's Zaman newspaper reported that Moody's cited the current situation in the balance of payments and foreign exchange reserves as the reason for its decision.
"The current account deficit is likely to exceed previous expectations by a large margin, increasing external financing needs at a time when financial conditions are facing difficulty at the global level," the agency said in a statement.
However, Moody's raised its outlook for Turkey from negative to stable.
The Turkish lira is currently trading at the level of 17.96 lira to the dollar, a level close to its historical lowest level on the 20th of last December, when it fell to the level of 18.4 percent.
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