So, Turkey’s rating was downgraded from investment-grade to speculative-grade.
Azerbaijan, Bahrain, Portugal also have same ratings.
Moody’s and S&P also downgraded Turkey’s rating to the same level.
Economic growth fell sharply in 2H16 and is expected to recover to a pace that is well below the country's performance in recent years. A rebound is anticipated after the 1.8% yoy contraction in 3Q16, but this will be held back by weak domestic demand stemming from security and political conditions and, over the near term, currency depreciation.
After this announcement, the US dollar rose to TRY 3.8833.