Moody's cuts Turkey's credit rating to 'junk'
US-based Moody's Investor Service has cut Turkey's sovereign credit rating to "junk" (from Baa3 to Ba1), following an attempted coup and amid a slowing economy. This could deter billions of dollars and force Turkey to pay more to borrow money in international markets. Turkey depends on investments to fund its current account deficit, one of the biggest in G20 economies.