Rating agencies ‘should see Turkey’s potential,’ gas association head says

ANKARA – Anadolu Agency

In the wake of the snap decision made by Standard & Poor’s (S&P) in its rating downgrade on Turkey, the country’s development potential should be considered, the head of the Natural Gas Distribution Companies Association (GAZBIR) has said.

The international rating agency downgraded Turkey’s credit rating from “BB+” to “BB” on July 21 with a “negative” outlook following a failed coup attempt on July 15.

GAZBIR head Yaşar Arslan told Anadolu Agency that Turkey was still not far away from its international goals, adding the country still had a positive investment climate.

“On the contrary [to S&P’s downgrade], eliminating this terrorist threat is a sign which shows that Turkey is built on a solid foundation,” he said.

Arslan said Turkey has promoted relations with many neighboring countries in the past months including Russia and Israel, while the government has taken measures to develop new investment opportunities.