Turkey takes step to form 'independent and local' credit rating agency

The Big Three credit rating agencies are Standard & Poor's (S&P), Moody's, and Fitch Group. Turkey has been criticizing the three in the past. "You know how credit rating agencies reported against our country and how they are struggling to not let global capital come to Turkey," President Recep Tayyip Erdoğan told a meeting of provincial chairs of the ruling Justice and Development Party in March.