Credit Rating

Fitch S&P Global Ratings
Last update 10 November 2022 5 October 2022
Long Term Rating B B
Outlook Negative Stable
National Long Term Rating AAA(tur)​  
Fitch Ratings
Date Rating Outlook
10 November 2022 B Negative
18 July 2022 B Negative
31 March 2022 B+ Negative
18 February 2022 B+ Negative
9 December 2021 BB- Negative
17 November 2021 BB- Stable
1 March 2021 BB- Stable
20 November 2020 BB- Negative
28 August 2020 BB- Negative
08 November 2019 BB- Stable
18 July 2019 BB- Negative
10 January 2019 BB+ Negative
19 July 2018 BB+ Negative
18 September 2017 BBB- Negative
1 February 2017 BBB- Negative
25 August 2016 BBB- Negative
27 June 2016 BBB- Stable
30 June 2015 BBB- Stable
3 June 2014 BBB- Stable

 

S&P Global Ratings
Date Rating Outlook
5 October 2022 B Stable
8 April 2022 B+ Negative
15 December 2021 BB- Negative
15 March 2021 BB- Stable
14 February 2019 BB- Stable
12 December 2018 BB- Stable
28 August 2018 BB- Stable
8 May 2018 BB+ Stable
22 December 2017 BBB- Negative
10 August 2017 BBB- Negative
1 February 2017 BBB- Negative
10 November 2016 BBB- Stable
19 August 2016 BBB- Negative
22 July 2016 BBB- Negative
11 May 2016 BBB- Stable
10 August 2015 BBB- Negative
24 July 2014 BBB- Negative
4 June 2014 BB+ Positive

 

  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)  
19.02.2021     BB- (stable)
2.12.2021     BB- (negative)
10.12.2021 B+ (negative)    
11.02.2022     B+ (negative)
08.07.2022     B (negative)
12.08.2022   B3 (stable)  
30.09.2022 B (stable)    

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

It shall be noted that these ratings can be revised, suspended or removed by the respective rating agency at any time.