US credit ratings agency Standard & Poor’s uprade of Turkey’s rating is positive but is still not what the country merits, Cevdet Yilmaz, Turkish Minister of Development, said.
"We cannot say Turkey has the rating it deserves" Yilmaz said in a press meeting prior to an international conference held by his ministry on policies toward harmonization with the European Union.
The rating BB+ Turkey has been awarded falls right below "investable" category. Turkey has already received an "investable" grade from another credit rating agency, Fitch.
The recent upgrade will allow for cheaper funds flow into Turkey, Yilmaz said.
"I hope that in the future credit agencies will upgrade Turkey to investable country status in keeping with market realities" Yilmaz said.