S&P revises Turkey's credit rating to negative from stable

USD/TRY hits highest since Sept 2015

• The foreign currency bond rating was cut to BB/B with a negative outlook

S&P says the change reflects the view that following the attempted coup, Turkey's political landscape has fragmented. The warn that institutional checks and balances have been eroded.

Interesting chart. Looks like it's ready to explode to the upside.

Update: USD/TRY just took out the Sept 2015 and is trading at an all time high.