Turkish Prime Minister Recep Tayyip Erdogan on Thursday accused the Standard & Poor΄s credit ratings agency of bias for downgrading his country's long-term rating from positive to stable, while the agency lifted Greece΄s credit grade out of default. The Turkish PM said that his country would respond by saying: "From now on, we do not recognize you as a ratings agency." S&P has cited concerns over Turkey΄s government debt while upgrading ratings of Greece after Athens completed a major debt write down with private creditors. Erdogan also said that downgrading ratings of Turkey while upgrading Greece was "ridiculous."