Moody's downgrades Turkey rating to B1, maintains negative outlook

Moody's cut Turkey's sovereign credit rating deeper into "junk" territory on Friday, saying the risk of a balance of payments crisis continued to rise, and with it the risk of a government default.

Moody's downgraded the rating to B1 from Ba3 and maintained a negative outlook. It cut the rating to Ba3 from Ba2 in August last year.