Following the July coup attempt, S&P Global Ratings cut the country’s sovereign debt rating to BB/B on concerns over an increase in political risk after the failed putsch, reports Bloomberg. Moody’s Investors Service also put a number of companies on review for a downgrade and is reviewing the sovereign for a possible downgrade.

Another ratings agency, Fitch Ratings, could soon downgrade Turkey’s sovereign credit rating. The Erdogan Administration is pursuing those accused of being behind the coup and has arrested thousands of army officers, judges, teachers and prosecutors.

Erdogan’s conservative AKP party “has promised a series of reforms to make Turkey’s $857 billion economy grow faster and reduce a current-account deficit that leaves Turkey vulnerable to the swings of foreign-currency inflows,” reports Forbes.

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