World Economy

Turkey Assets Plunge

Turkey Assets PlungeTurkey Assets Plunge

Turkish assets plummeted the most since an attempted coup in July after Moody’s Investors Service cut the country’s credit rating to junk, Bloomberg reported. The currency depreciated the most in emerging markets in Istanbul, the Borsa Istanbul 100 Index posted the steepest decline among about 90 gauges tracked by Bloomberg globally, and the nation’s dollar debt due 2026 sank the most since July. Moody’s lowered Turkey’s sovereign rating one level to Ba1 late Friday, the highest non-investment grade, citing rising risks due to its external financing needs and slowing economic growth. All but two of the 100 companies on Turkey’s benchmark stock gauge fell.