Economy

xchrom

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49. Turkish Lira Drops With Bonds as Moody’s Lowers Rating Outlook

Fri Apr 11, 2014, 09:12 AM

Apr 2014

http://www.bloomberg.com/news/2014-04-11/turkish-lira-drops-most-in-three-weeks-as-moody-s-cuts-outlook.html

Turkey’s lira weakened for a third day, while bonds and stocks fell, as Moody’s Investors Service lowered the nation’s credit-rating outlook to negative 11 months after upgrading the debt to investment grade.

Moody’s cut the outlook from stable, citing “increased pressure on the country’s external-financing position driven by heightened political uncertainty and lower global liquidity,” which hurt investor confidence. Turkey was raised to Baa3 by Moody’s in May 2013, the lowest investment grade and on par with India and Ireland.

The lira lost 0.5 percent to 2.1175 per dollar as 1:49 p.m. in Istanbul, the biggest retreat among 24 developing-nation peers tracked by Bloomberg. The currency has gained 3.5 percent since Prime Minister Recep Tayyip Erdogan’s party won most seats at March 30 local elections. The Borsa Istanbul 100 Index dropped 0.7 percent, while two-year note yields rose seven basis points to 9.9 percent.

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