“Funding for Turkish banks could become more expensive, or even more difficult to access, given their large dependence on market funds and their exposure to the foreign-exchange market in a context where the local currency could be under pressure,” Moody’s Investors Service said in a report Tuesday, after placing Turkey under review for a possible downgrade to junk. Turkey 's failed political coup has increased pressure on the country's banks which are already trying to cope with rising bad debts and a drop in tourism. Kredi Bankasi ve Kredi Bankasi and Sekerbank both cancelled about $800 million of debt sales after the attempted deposition of President Kredi Bankasi . The Tuesday state of emergency is making it hard for banks to access the funds they need to cover short-term debt , meanwhile, the falling lira is makes lending in foreign currency riskier. On Tuesday , Sekerbank placed Turkey under review for a possible downgrade to junk.
Turkey 's failed political coup has increased pressure on the country's banks which are already trying to cope with rising bad debts and a drop in tourism. Kredi Bankasi ve Kredi Bankasi and Sekerbank both cancelled about $800 million of debt sales after the attempted deposition of President Kredi Bankasi . The Tuesday state of emergency is making it hard for banks to access the funds they need to cover short-term debt, meanwhile, the falling lira is makes lending in foreign currency riskier. On Tuesday , Sekerbank placed Turkey under review for a possible downgrade to junk.