The credit rating agency, Standard & Poor has cut its outlook on Turkey's ratings to negative from stable. It said that there were risks of a hard economic landing and that the country's policy environment was becoming less predictable. In a statement S&P said Turkey appears to have suffered an unanticipated erosion of institutional checks and balances and governance standards.The move comes close on the heels of corruption charges against top politicians and industrialists from the country. It has led to sharp fall in its currency Lira and rising inflation have raised concerns about political and economic stability in the run-up to elections this year.