LONDON (Reuters] – Fitch, a credit agency for rating agencies in the United States has issued 13 downgrade warnings to Turkish banks following a similar decision last week on Fitch’s sovereign rating.

These moves follow three cuts by the central bank in interest rates, despite an inflation rate of 21% that has caused a 40% drop in the lira.

Fitch, in a Friday note stated that they believed “the risks to macroeconomic financial stability and external finance could increase the likelihood for government intervention in the bank system.”

The statement said that negative ratings on banks with state-supported rating reflect the sovereign’s outlook and the “risk of a further weakening in the ability of the authorities to support those who need it.”