The lira has lost almost 40 per cent of its value against the dollar this year as investors fret about President Tayyip Erdogan's influence over monetary policy.
"Similarly, there has been no improvement in relations with the USA and additional sanctions may be on the horizon".
Debt rating downgrades typically mean higher borrowing costs as investors demand steeper interest rates to take on riskier debt.
While Evangelists in the United States consider Trump's efforts to release Brunson as support for religious freedom, the article argued Trump was trying to use this issue to secure success during the November 7 midterm elections.
On the first day Trump threatened Turkey with sanctions for the treatment of Brunson, Vice President Mike Pence gave a prayer at the Ministerial to Advance Religious Freedom in which he said "to believers across America, I say a pray for pastor Brunson".
The country's officials would always support Chinese and Turkish companies signing cooperation projects based on market rules, he added.
Tom Arnold doubles down on Trump’s alleged N-word tape, gives details
Perhaps the best thing that could have been said about her up until now is that most people probably didn't know who she was. She told NPR last week that she had heard Donald Trump using the "N-word" on tape and that he may have dementia.
Deontay Wilder 45-Minute Interview on Fury, Joshua, More
The unbeaten 32-year-old was shouting his trademark "BombZquad" war cry at the weigh-in, which John Fury took exception to. Fury's father, who was on the stage, had to be held back as the pair shouted at each other after a brief handshake.
World's oldest cheese discovered in 3,200 year-old Egyptian tomb
Archaeologists in Egypt now have the chance to find out, but it comes with an unexpected bonus: deadly ancient bacteria.
"We have more that we're planning to do if they don't release him quickly", Mnuchin said during a White House cabinet meeting on Thursday, according to pool reporters.
Although the lira has started to recover this week, and is now down only 10% from mid-last week, having at one point been more than 30% lower.
Turkey's banking watchdog has taken steps to stabilise the currency, limiting futures transactions for offshore investors and lowering limits on swap transactions.
But some economists have called for more decisive moves.
The Chinese currency's slide in recent months, partly on the back of concerns about what a full-blown trade war with the USA would do to China's economy, has rattled investors.
One currency trader said Friday's lira weakness was driven by "the new US sanctions threat and the S&P decision, with position-closing in markets ahead of the public holiday".
Turkish markets will be closed from midday on Monday for the rest of the week for the Muslim Eid al-Adha festival.
Turkey's finance chief tried to reassure thousands of global investors on a conference call on Thursday, in which he pledged to fix the economic troubles.
Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy.