Severe external vulnerabilities and risk of a balance of payment crisis drive the rating downgrade. The Negative Outlooks on long-term ratings reflect an inadequate economic policy framework that accentuates existing macroeconomic imbalances.

External sector risks and a deteriorating economic policy framework drive the rating downgrade. Moderate public and private debt level, a large and diversified economy, and resilient banking system cushions are credit strengths.

External sector risks, a deterioration in institutional strengths and increased macroeconomic imbalances underscore the Negative Outlook. Low public debt, resilience in the banking system and a flexible exchange rate support the rating level.

Deterioration in Turkey's institutional strengths, increased macroeconomic imbalances and risks to reserve adequacy drive the downgrade. Policy uncertainty, rising event risks and ongoing external vulnerabilities underscore the Negative Outlook.

The erosion of Turkey's institutional strength and rising economic and external imbalances drive the placement under review. High growth potential, exchange rate flexibility, sound public finances and banking sector resilience support the rating.

A large and resilient economy, sound public finances and a well-regulated banking sector support the rating; high external financing needs of the private sector, application of rule of law and political uncertainties are constraints.