S&P Global Ratings cut Turkey’s local currency credit rating further into junk, while keeping a negative outlook on the country and affirming the foreign currency score. The company lowered Turkish debt’s local-currency rating by one notch to B+, four levels below investment-grade, citing the impact of soaring energy prices from Russia’s war in Ukraine. It kept the foreign currency score at B+, on par with Bahrain and Bolivia. “The fallout of the Russia-Ukraine military conflict, including rising food and energy prices, will further weaken Turkey’s already tenuous balance of payments and exacerbate inflation,” S&P ... (full story)