Moody's cuts Turkey's rating to 'B3', raises outlook to stable
Aug 12 (Reuters) - Ratings agency Moody's on Friday lowered Turkey's sovereign credit rating by one notch to "B3" from "B2", citing rising balance of payment pressures and risks of further declines in the country's foreign-currency reserves.
"(The) current account deficit will likely exceed earlier expectations by a wide margin, raising external financing needs at a time of tightening financial conditions globally," the agency said in a statement.
Moody's, however, raised its outlook on the country to stable from negative, reflecting a view that the risks at the B3 level are balanced.
Reporting by Shreyaa Narayanan in Bengaluru
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