Turkey debt outlook cut to 'negative' by Standard and Poor's

The Standard and Poor's agency said today it had cut the outlook for Turkey's credit rating to 'negative' from 'stable' because of a slump of the lira.

The national currency has dropped 18 per cent against the dollar since the agency's latest review of Turkey in November, raising inflationary pressures, endangering corporate balance sheets and hurting economic growth, S and P said.