Turkish finance minister Simsek criticizes Fitch's rating

ANKARA (A.A) - Turkey's finance minister said on Friday that rating organizations could not keep up with Turkey's pace. Mehmet Simsek commented on international rating organization Fitch's recent rating on Turkey, and said unfortunately rating organizations could not keep up with Turkey's pace. "Turkey has raised its international rating by four levels during AK (Justice & Development) Party government," Simsek told a televised interview. Simsek's remarks came after Fitch revised Turkey's outlook from "positive" to "stable", and affirmed the ratings at "BB+". The revision of the outlook to "stable" reflects an increase in near-term risks to macroeconomic stability as Turkey faces the challenge of reducing its large current account deficit and above-target inflation rate against the background of deterioration in the global economic and financing environment, Fitch said on Wednesday. Simsek said Turkey was one of the unique countries that raised its international rating during the global economic crisis. The minister interpreted Fitch's decision as a rating that could be upgraded soon.