While attending an Economic Forum meeting in Kazakhstan, Prime Minister Recep Tayyip Erdoğan slammed Standard and Poor's (S&P) for unjustifiably lowering Turkey's credit rating from positive to stable. Erdoğan emphasized that credit rating institutions should absolutely not take on an ideological or political approach.
I have expressed my sentiments regarding this world's credit rating institutions numerous times and I am doing so again. Now, I plan to especially bring the issue up at the upcoming G-20 meeting." Emphasizing the importance of rating institutions conducting fair evaluations, Erdoğan stated, "A country's economic situation must be justly assessed with its unemployment and exports figures. If it is done any differently then an injustice is served which is something that would seriously harm developing nations."
"We are not working with Fitch and we may finish ties with S&P"
Speaking from the OECD Council of Ministers Meeting, Deputy Prime Minister Ali Babacan stated, "We could end our contract with 'S&P'. We have not made a decision as of yet, but we could go that way at any point in time. We have no agreement with Fitch."Babacan also commented on the debate surrounding Turkey establishing its own credit rating institution, by stating; "The legal infrastructure is ready."
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