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Fitch cuts Turkey rating outlook to 'negative'

CCTV.com

08-22-2016 11:50 BJT

Ratings agency Fitch has cut its outlook for Turkey’s sovereign debt rating to “negative.”

Fitch says political uncertainty following last month’s failed coup will impact economic performance and could hurt economic policy.

The ratings agency said revenues from tourism arrivals were down 41 percent year-on-year for the first half of 2016, a sector that accounts for 13 percent of external receipts. It also expects lower investment to further weigh on growth.

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