Babacan, Caglayan evaluate S&P upgrade in Turkey's credit rating

As Standard & Poor's (S&P) upgraded Turkey's credit rating from BB to BB+ on Wednesday, prominent politicians and economists defined the upgrade as a "belated step." Speaking at the monthly meeting of the Ankara Chamber of Commerce (ATO), Deputy Prime Minister Ali Babacan said that credit rating agencies slowly followed Turkey, while the country was running. "Another credit rating agency has raised Turkey’s credit rating. These credit rating agencies go like a caravan," Babacan said. For his part, Caglayan said that he has likened the move made by S&P to an apology, just like the one made by Israel to Turkey.