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Turkey’s first 'indigenous and national' credit rating agency

Turkey bought 85.05% of Japan Credit Rating Agency (JCR) Avrasya. How did a seemingly Japanese company became a national asset?
Traders work at their desks on the floor of the Borsa Istanbul in Istanbul, Turkey October 13, 2017. REUTERS/Murad Sezer - RC1141900C40

Turkey finally has a national credit rating agency that it has been dreaming of for years. Borsa Istanbul and other Turkish finance institutions bought 85.05% of Japan Credit Rating Agency (JCR) Avrasya.

President Recep Tayyip Erdogan has frequently lashed out at the low grades Moody's and S&P have assigned to Turkey. In 2012, Erdogan first talked about creating an “indigenous and national” credit rating agency.

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