Turkey deserves much higher credit rating

Turkish Deputy Prime Minister for economy Ali Babacan said on Friday that Turkey would attract new investors after Moody's raised Turkey's rating to investment grade. Speaking at the 4th Sarajevo Business Forum in Bosnia-Herzegovina's capital Sarajevo,  Babacan assessed Moody's upgrade on Turkey's rating from Ba1 to investment grade Baa3. Babacan saidTurkey reduced its public debt despite the global financial crisis, adding that the budget deficit was at a very low level. Turkey pulled down its current account deficit by 4 points which was at high levels in 2011, saidBabacan. "Moody's upgraded Turkey's credit rating to "investible level" following Fitch in 19 years for the first time. Turkey deserves a much higher rating,"Babacan said, adding, "credit rating agencies have been discredited due to financial crisis. We have been working on how to be less dependent on these agencies with G20 countries. However we have to be dependent on them until we find alternative mechanisms. Turkey paid its last installment to the International Money Fund (IMF) and wiped off its debts, said Babacan, adding that Turkey's 5 billion USD contribution to the IMF might be used to help the European countries in recession and for their development. "Bosnia-Herzegovia has a potential of industry, agriculture and tourism. If the political harmony is strengthened and protected, the county will be a very attractive one to invest in. What is important here is to eliminate bureaucratic obstacles,"Babacan added regarding relations with Bosnia-Herzegovina. Meanwhile, Bakir Izzetbegovic, the Bosniak member of Bosnia-Herzegovina Tripartite Presidency Council, said Turkey's influence boosted in the Balkans and thus it was important to make use of these opportunities.