Turkey Complains About S&P Revised Outlook

May 21, 2012 by · Leave a Comment
Filed under: International, S&P 

Turkey has joined a chorus of countries accusing rating agencies of unfair and unsubstantiated rating decisions.

Standard & Poor’s (S&P) revised its outlook on Turkey from positive to stable. The Famagusta Gazette reports Turkish Prime Minister Recep Tayyip Erdogan as saying that the move is “… totally an ideological decision. No one would buy that. And we shall declare that we do not recognize you [S&P] any more as a credit rating agency.”

The Prime Minister continued, “It increased the rating of bankrupt Greece and cut our rating. Isn’t this nonsense? This is totally an ideological approach. No one can believe this. You cannot fool Tayyip Erdogan.”

Turkey’s Deputy Prime Minister Bulent Arýnc also described the decision as “unjust and baseless.” Arýnc said the rating agency holds incorrect data about the Turkish economy.

The rationale S&P provided for its revised outlook included, “less buoyant external demand and worsening terms of trade [which] could inhibit Turkey’s economic rebalancing.”

Don’t blame the weatherman for the weather…

Speak Your Mind

Tell us what you're thinking...