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Turkey’s credit rating was cut further into junk by Moody’s Investors Service on an erosion of institutional strength as well as more risk of external shocks and geopolitical risks. 

The main reason for thei downgrade arise from undermining effective monetary policy and economic reform as well short term focus.

Moody’s decision pushes its rating on Turkey further into junk territory. Other major agencies Fitch and S&P have also assigned the country non-investment grade ratings.