Moody’s Credit rating agency has reduced Turkey’s creditworthiness one step further.

Concerns about the high dependence on foreign capital and about government control mean that Turkey now has status B1 instead of Ba3. The outlook remains negative.

This puts Moody’s in line with the other major credit rating agencies, Standard & Poor’s (B +) and Fitch (BB). Turkey’s assessment is still a few steps above “junk status.”

The credit rating agency cites the “continuing erosion of institutional strength and effectiveness of policy on investor confidence” as the reason. Politicians are also unable to present a good plan to stimulate the economy. Moody’s mentions the diverse economy and the relatively low government debt as Turkey’s positive points.

In a response, the Turkish Ministry of Finance has expressed doubts about Moody’s independence.

On June 23, the people of Istanbul must again vote for the mayor. Ekrem Imamoglu, the candidate of the secular CHP, had won the election, but according to the electoral council, which watched the municipal elections at the request of President Erdogan’s ruling AKP, the vote should be over. Opposition parties speak of a coup.