| |
S&P Global Ratings |
Moody's |
Fitch |
| YE 2004 |
BB- (stable) |
B1 (stable) |
B+ (positive) |
| 13.01.2005 |
|
|
BB- (stable) |
| 11.02.2005 |
|
B1 (positive) |
|
| 06.12.2005 |
|
|
BB- (positive) |
| 14.12.2005 |
|
Ba3 (stable) |
|
| YE 2005 |
BB- (stable) |
Ba3 (stable) |
BB- (positive) |
| 23.01.2006 |
BB- (positive) |
|
|
| 27.06.2006 |
BB- (stable) |
|
|
| YE 2006 |
BB- (stable) |
Ba3 (stable) |
BB- (positive) |
| 10.05.2007 |
|
|
BB- (stable) |
| YE 2007 |
BB- (stable) |
Ba3 (stable) |
BB- (stable) |
| 03.04.2008 |
BB- (negative) |
|
|
| 31.07.2008 |
BB- (stable) |
|
|
| 13.11.2008 |
BB- (negative) |
|
|
| YE 2008 |
BB- (negative) |
Ba3 (stable) |
BB- (stable) |
| 17.09.2009 |
BB- (stable) |
|
|
| 18.09.2009 |
|
Ba3 (positive) |
|
| 03.12.2009 |
|
|
BB+ (stable) |
| YE 2009 |
BB- (stable) |
Ba3 (positive) |
BB+ (stable) |
| 08.01.2010 |
|
Ba2 (stable) |
|
| 19.02.2010 |
BB (positive) |
|
|
| 05.10.2010 |
|
Ba2 (positive) |
|
| 24.11.2010 |
|
|
BB+ (positive) |
| YE 2010 |
BB (positive) |
Ba2 (positive) |
BB+ (positive) |
| 23.11.2011 |
|
|
BB+ (stable) |
| YE 2011 |
BB (positive) |
Ba2 (positive) |
BB+ (stable) |
| 01.05.2012 |
BB (stable) |
|
|
| 20.06.2012 |
|
Ba1 (positive) |
|
| 05.11.2012 |
|
|
BBB- (stable) |
| YE 2012 |
BB (stable) |
Ba1 (positive) |
BBB- (stable) |
| 27.03.2013 |
BB+ (stable) |
|
|
| 16.05.2013 |
|
Baa3 (stable) |
|
| 24.10.2013 |
|
|
BBB- (stable) |
| YE 2013 |
BB+ (stable) |
Baa3 (stable) |
BBB- (stable) |
| 07.02.2014 |
BB+ (negative) |
|
|
| 11.04.2014 |
|
Baa3 (negative) |
|
| YE 2014 |
BB+ (negative) |
Baa3 (negative) |
BBB- (stable) |
| YE 2015 |
BB+ (negative) |
Baa3 (negative) |
BBB- (stable) |
| 06.05.2016 |
BB+ (stable) |
|
|
| 20.07.2016 |
BB (negative) |
|
|
| 19.08.2016 |
|
|
BBB -(negative) |
| 23.09.2016 |
|
Ba1 (stable) |
|
| 04.11.2016 |
BB(stable) |
|
|
| YE 2016 |
BB (stable) |
Ba1 (stable) |
BBB (negative) |
| 27.01.2017 |
BB(negative) |
|
BB+(stable) |
| 17.03.2017 |
|
Ba1 (negative) |
|
| YE 2017 |
BB(negative) |
Ba1 (negative) |
BB+ (stable) |
| 07.03.2018 |
|
Ba2 (stable) |
|
| 01.05.2018 |
BB- (stable) |
|
|
| 13.07.2018 |
|
|
BB (negative) |
| 17.08.2018 |
B+ (stable) |
Ba3 (negative) |
BB (negative) |
| YE 2018 |
B+ (stable) |
Ba3 (negative) |
|
| 14.06.2019 |
|
B1 (negative) |
|
| 12.07.2019 |
|
|
BB- (negative) |
| 01.11.2019 |
|
|
BB- (stable) |
| YE 2019 |
B+ (stable) |
B1 (negative) |
BB- (stable) |
| 21.02.2020 |
|
|
BB- (stable) |
| 21.08.2020 |
|
|
BB- (negative) |
| 11.09.2020 |
|
B2 (negative) |
|
Source: Turkish Treasury, Bloomberg
Credit rating scala of credit rating agencies
| Moodys |
S & P |
Fitch |
| Investment Grade |
| Aaa |
AAA |
AAA |
| Aa1 |
AA+ |
AA+ |
| Aa2 |
AA |
AA |
| Aa1 |
AA- |
AA- |
| A1 |
A+ |
A+ |
| A2 |
A |
A |
| A3 |
A- |
A- |
| Baa1 |
BBB+ |
BBB+ |
| Baa2 |
BBB |
BBB |
| Baa3 |
BBB- |
BBB- |
| Speculative grade |
| Ba1 |
BB+ |
BB+ |
| Ba2 |
BB |
BB |
| Ba3 |
BB- |
BB- |
| B1 |
B+ |
B+ |
| B2 |
B |
B |
| B3 |
B- |
B- |
| Caa1 |
CCC+ |
CCC+ |
| Caa2 |
CCC |
CCC |
| Caa3 |
CCC- |
CCC- |
| Ca |
CC |
CC |
| C |
C+,C,C- |
C+,C,C- |
| |
D |
D |