Meanwhile, credit rating agency Moody's revised Turkey's long-term issuer rating to B1 from Ba3 last year with a negative outlook, citing an increased risk of a balance of payments crisis and government default. The agency said although Turkey had a large and diverse economy, this was outweighed increasingly by "continued erosion in institutional strength and policy effectiveness on investor confidence," which the Turkish Treasury and Finance Ministry evaluated as a decision "incompatible with the Turkish economy's fundamental indicators." The international credit rating agency Fitch affirmed Turkey's long-term foreign and local currency Issuer Default Ratings (IDR) as BB, changing the outlook to "stable" from negative, in November 2019.