Turkey’s rating agency announces new management board

Turkey's national credit agency, Japan Credit Agency (JCR) Eurasia, has announced its new board members, Anadolu Agency reported, citing a statement released by the agency on Friday.

Representatives from the Istanbul Stock Exchange, Turkish Capital Markets Association, Insurance Association of Turkey, Financial Institutions Union and 17 banks participated in the general meeting of the agency, the statement said.

Erişah Erican, chairwoman of Turkey’s Borsa Istanbul, Atilla Benli, president of Turkey Insurance Association, Ömer Demirhan, Aydin Gündoğdu, Mehmet Turgut, Bilal Sayın and Takefumi Emori were elected board of directors, it said.

Turkey’s banks and financial institutions bought 85 percent of credit ratings agency JCR Eurasia in November, in a deal that backed government efforts to establish a domestic ratings institution.

The shares transfer of the national rating company was completed after the election of the board of directors, the statement said.

Turkey has frequently criticised international credit ratings Moody’s, Standard & Poor’s and Fitch, accusing them of bias. All three rate the country’s debt as junk after a series of downgrades in recent years.