S&P may update Turkey’s sovereign credit rating after hours today (current rating: B; Outlook Stable).

• Earlier this month, Fitch Ratings affirmed Turkey’s rating at ‘B’ with a Negative Outlook, reflecting their view that Turkey's expansionary and inconsistent policy mix will keep FX demand and depreciation pressures on the lira, weaken international reserves, maintain inflation at a high level, and weigh on the availability and cost of external financing.