Istanbul, Feb 2 () - The sharp fall in oil prices is not likely to be a “boon” for Turkey, and will not positively influence Turkey’s rating, urged international ratings company Standard & Poor's (S&P).

According to a report entitled “Is the Oil Price Drop Really a Boon for Turkey?” released by S&P, in January-November 2015, Turkey's current account deficit narrowed by 1 percent of GDP compared with 2014, “mostly reflecting the decline in oil and gas prices”.

“To our point that lower oil prices are not an unmitigated positive for Turkish balance of payments, we would cite that a considerable portion of net foreign direct investment (FDI) and other capital inflows into Turkish markets are sourced from Middle Eastern oil exporters, including the Gulf Cooperation Council countries” read the statement of S&P.

Comparing to other developping economies, Turkey is defined as “one of the weakest external profiles among all the major emerging market sovereigns” assessed by the company. S&P rated Turkey with BB+, while indicating a negative outlook.