On Friday, the agency attributed Turkey's credit rating to several factors, most notably the removal of central bank governor Murad Chitin Qaya last week, the re-election of the mayor of Istanbul and the fear that the United States would impose sanctions against Turkey over the Russian S-400 missile defense deal.
Fitch also said that the dismissal of Murad Chitin Qaya posed a risk of undermining the flow of foreign capital needed to meet Turkey's large external financing needs, and of deteriorating economic results.
It added that the isolation of the central bank governor also raises doubts about the possibility of structural reforms in managing the financial situation of the public sector.
As the Turkish lira fell by 2 %, as soon as the first parts of the Russian system were announced on Friday, what the Turkish public fears is the continuing losses of the currency, which lost 30 percent of its value over the past year. Resulted from Turkey's continued arrest of the American pastor, Andrew Branson, on terrorism charges, before his release.