Moody's affirms Turkey's credit rating at Baa3 with a negative outlook

International credit rating agency Moody's on Friday affirmed Turkey's credit rating at Baa3, the lowest investment-grade rating, with a negative outlook.

According to Moody's statement, the decision was taken due to Turkey's strong economy and strong financial indicates which were preserved during the country's long election process.

"Especially, stabilizing its borrowing structure and low public debt after reducing in the last 10 years ensured the Turkish lira's strength against expected global interest rate hike," the statement said.