TÜSİAD Scrutinizes Rating Agencies

March 28, 2011 by · 1 Comment
Filed under: The Rating Agencies 

Ümit Boyner, the chairwoman of the Turkish Industrialists’ and Businessmen’s Association (TÜSİAD) announced at a meeting in Istanbul that the association is conducing research to determine whether large, multinational rating agencies are under inappropriate political influence.

At the Chief Executive Officers Forum sponsored by TÜSİAD Boyner said, “During the crisis, concerns about the decisions of international rating agencies appeared.” The association’s findings will be made public at the November meeting of G-20 countries.

Off the record, Turkish business people are skeptical about the integrity of the international credit rating agencies. Officially TÜSİAD claims that international rating agencies simply have “doubts about Turkey’s economic growth” and that the agencies “need to be convinced” that Turkey’s growth and economic performance is sustainable.

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