Turkey takes step to form local credit rating agency

By Belgin Yakisan

ISTANBUL (AA) - Regulations have been made allowing the formation of an independent and local credit rating agency in Turkey, the Banking Regulation and Supervision Agency (BDDK) head has said.

The new measure provides regulations for licensing credit rating agencies and their activities, Mehmet Ali Akben, the head of the Banking Regulation and Supervision Agency (BDDK), told Anadolu Agency.

Previously, Akben said Turkey was aiming to establish a national credit rating agency in 2018.

"In Turkey, we have been working for a long time to establish an independent and local credit rating agency which is alive to Turkey's requirements, has a strong, high-level acceptability, and we ended this work at last," he said.

The BDDK will not be a part of the rating agency, Akben said.

He said member banks of the Banks Association of Turkey and the Participation Banks Association of Turkey aim to establish an agency.

"Some regional and international rating agencies have requested information, and have made demands to take part in the local agency," he said.