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CORRECTED-S&P says no longer has deal with Turkey but will rate it
January 14, 2013 / 2:35 PM / in 5 years

CORRECTED-S&P says no longer has deal with Turkey but will rate it

(Corrects to remove extraneous words from first paragraph)

ISTANBUL, Jan 14 (Reuters) - Credit-rating agency Standard & Poor’s said on Monday that it no longer has a ratings deal with Turkey’s government but it will still offer assessments on the fast-growing economy to meet market interest.

“We are converting our issuer credit ratings on Turkey to ‘unsolicited’ as we no longer have a rating agreement with this sovereign,” S&P said in a statement.

“We will nonetheless continue to rate Turkey on an unsolicited basis because we believe that we have access to sufficient public information of reliable quality to support our analysis .... and because we believe there is significant market interest in this unsolicited rating.”

It said that as of Feb. 14 it was withdrawing all its ratings on individual Turkish debt. It will only be rating the sovereign’s overall credit-worthiness.

S&P rates Turkey at BB, two rungs below investment grade. Fitch has raised it to investment grade at BBB- and Moody’s just below investment grade at Ba1.

Writing by Ruth Pitchford

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