Turkey angry at S&P for downgrading ratings

Turkey's prime minister is accusing the Standard & Poor's ratings agency of bias for downgrading Turkey's long-term rating from positive to stable , while lifting Greece's credit grade out of default.

Recep Tayyip Erdogan said Thursday that Turkey would respond by saying: "'From now on, we do not recognize you as a ratings agency.'"

S&P has cited concerns over Turkey's government debt while upgrading ratings of Greece after Athens completed a major debt writedown with private creditors.

Erdogan adds that downgrading ratings of Turkey while upgrading Greece was "ridiculous." (nvn)