​Standard & Poor's downgrades Turkey's credit rating

Standard & Poor's has downgraded its credit rating for Turkey deeper into "junk" status, citing the failed coup and political turmoil.

The rating agency lowered its main sovereign rating for Turkey to BB/B from BB+/B, both of which are considered junk.

S&P said it expects a period of heightened unpredictability in the country and maintains a negative outlook, which indicates that further downgrades are possible.

It said in a statement issued Wednesday: "The negative outlook reflects our view that Turkey's economic, fiscal, and debt metrics could deteriorate beyond what we expect, if political uncertainty contributed to further weakening in the investment environment."