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The rating agency, standard & Poor's, unexpectedly further lowered its junk rated Turkey sovereign debt rating on Tuesday, saying that worries about the inflation outlook were growing at the time of the sale of Turkey's lira.
S & P downgrades Turkey's rating from BB/B to BB-/B, saying that this is not a planned routine assessment, reflecting heightened concerns about the country's inflation prospects.
S & P said in a statement, "the downgrade shows that we are worried about the deterioration of the inflation outlook and the long-term depreciation and fluctuation of Turkey's exchange rate."
"This action also reflects our concern about the deterioration of the external environment in Turkey and the rising pressure on private sector borrowing from external debt," he said.

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