The U.S.-based credit rating agency Standard & Poor's (S&P) on Friday affirmed Turkey's foreign and local currency ratings while maintaining its "negative" outlook on the banking industry.
The agency affirmed the country's foreign currency rating as "BB" and local currency sovereign rating as "BB+."
S&P previously announced its Turkey credit rating last May, which it kept unchanged this time.
According to the S&P, the negative outlook reflects weak growth and exchange rate volatility could lead to fiscal deterioration beyond current projections.
