ISTANBUL
"Turkey's short-run risks were very low, this can play a positive role in raising its rating" said Orhan Okmen, Eurasia Administrative Council Director of Japan Credit Rating Agency (JCR).
Speaking at AA Finance Editor's Desk, "I believe that the United States, Europe and Japan's loose monetary policy implementation would take long" said Okmen, adding that Turkey's short-run risks being very low could play a positive role in raising its rating.
-Turkey's growth to rise-
In addition, "Turkey could raise its growth to 5 percent, had it not been shadowed by the global capital" said Okmen, pointing at the macro-protective relieves applied by the Central Bank of Turkey.
-"Inaccurate ratings were given in 2004-2007 period"-
Okmen stated that between 2004 and 2007 the credits given by rating institutions had not been accurate.
He added that rating institutions had given an approximate number of 3.2 trillion dolar rating based on unstructured finance.
"It probably caused a market loss for us because it was not right to give rating to a structure that we do not know the warrants behind" said Okmen, emphasizing that JCR had not been involved in that process.
"Turkey will be in a better position two years later" said Okmen, adding that the international conditions would recover after the second half of the year, despite the current uncertainty in the global market.
-Turkish banking sector distinguished-
Okmen mentioned that Turkish banking sector had undergone a serious transformation and distinguished from all European and American banks in terms of healthy, active and high profitability.
Emphasizing that Turkey's economic and political activities had increased seriously in last 10 years, Okmen said "(Possible rating raising) is on the way...We will explain our views. We gave a positive mark already. This means rating raising is more possible than before."
