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DBRS downgrades Turkey

DBRS on July 21 downgraded Turkey's long-term foreign- andlocal-currency issuer ratings to BB(high)/BBB(low).

DBRS also downgraded the short-term foreign- andlocal-currency issuer ratings to R-3/R-2(middle).

The trend on all ratings is negative.

The downgrades reflect the deterioration in the rule of lawand rising geopolitical tensions in Turkey. "Reduced external fundingposes clear risks to the macroeconomic outlook," the rating agency said,noting also that the recent failed coup and its fallout could political attention fromstructural reforms.