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Moody's cuts Turkey debt rating to 'junk' level

Moody’s cut Turkey’s sovereign debt rating by one notch to the speculative or “junk” level of “Ba1” Friday, saying the country’s finances have weakened amid increased political turmoil. It also said that the government’s reaction to the July coup attempt had set back expected reforms and the rule of law. “Turkey continues to operate in a fragile financial and geopolitical environment,” Moody’s said.

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