PM Erdogan lashes out at S&P for cutting Turkeys outlook.

By bne IntelliNews May 4, 2012
PM Recep Tayyip Erdogan strongly criticised Standard & Poors decision to cut Turkeys outlook, calling the rating revision nonsense and ideological. Erdogan threatened not to recognise S&P as a credit rating agency. This week S&P cut the rating outlook, explaining its view of the Turkish economy that less-buoyant external demand and worsening terms of trade have made economic rebalancing more difficult, and have increased the risks to Turkeys creditworthiness given its high external debt and the state budget's reliance on indirect tax revenues.

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