‘We did not apologize to Turkey,’ S&P says

ISTANBUL - Hürriyet

Standard and Poor’s (S&P’s) Turkey Regional Director Zeynep Holmes has said the credit rating agency did not made a mistake in downgrading Turkey’s outlook from Positive to Stable on May 1, nor had the agency issued an apology to Turkey for the downgrade, as some media sources have claimed.

‘Report not outdated’
“The claim that S&P’s analysts had admitted their inexperience and had subsequently apologized does not reflect the truth,” said Holmes in an written statement. She also added that any allegations that the report was mistaken and that the data used to compile the report was outdated were also inaccurate.

“There have been no mistakes in the compilation of the report and the report was issued using the most up-to-date data,” the statement continued. Holmes also stressed that all the required regulatory and legal steps were followed in issuing the report.