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In August, Fitch Ratings did not downgrade the country’s sovereign credit rating. Fitch affirmed its rating on Turkey’s credit to BBB-, the lowest investment grade, but the ratings agency lowered its outlook to negative.

S&P Global Ratings, though, already lowered the country’s’ credit rating to two steps below investment-grade and warned that increased political uncertainty could continue to push off investors and undermine fiscal management.

SEE MORE: Assessing the Lone Turkey ETF as it Tries to Rebound

“Investors are finding it increasingly hard to ignore Turkey’s political strife, even though many have become open to accepting more volatility to boost returns. More than 100,000 people have been fired, suspended or detained since the nation declared a state of emergency in July,” according to Bloomberg.

For more information on the Turkish markets, visit our Turkey category.

iShares MSCI Turkey ETF

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