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Moody's Investors Service downgraded sovereign ratings of Turkey, citing deteriorating political conditions and eroding institutional strength.
The credit rating was lowered to Ba2, two levels below investment grade, from Ba1.
Moody's analyst Kristin Lindow, said the government focused on short-term measures, undermining monetary policy and fundamental economic reform.
The rating agency noted that double-digit inflation, huge current account deficit and higher external debt weighed on the country.
