Turkey’s government and financial sector are, once again, up in arms about a ratings agency decision. This time it’s Standard & Poor’s, which on May 1 reduced its outlook on Turkey’s long-term credit rating from positive to stable. Although this does not amount to a full downgrade, it is an obstacle in Turkey’s protracted quest for investment-grade status.
Turkey’s prime minister, Recep Erdogan, went so far as to declare that the government no longer recognized S&P as a ratings agency.
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