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Moody's cuts Turkey's sovereign ratings and the lira falls
Moody's downgraded the credit ratings, Thursday, Turkey 's sovereign ratings to Ba2 fromBa1 because of what it said was the continued erosion of institutional strength and thegrowing risk of external shocks due to the large deficit in the current account balance .
The lira fell slightly to 3.8054 against the dollar by 0503 GMT, after recording a 3.8035 closing on Wednesday .
"The government appears to be still focusing on short-term actions at the expense of effective monetary policy and substantial economic reform," Moody's said in a statement .
In view of its negative institutional situation, Turkey's external position, debt requirements and loan extensions had deteriorated .
Moody's also noted "the growing risk of external shock crystallization due to the country's large current account deficits and rising external debt and the significant requirements to extend maturities in the context of heightened political risk ."
Moody's, which had already reduced Turkey's credit rating to a high risk in 2016, lowered its outlook for the year from a stable negative in March last year. The agency changed its outlook to a stable latest cut for the rating .
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