Credit Rating

| Fitch | S&P Global Ratings |
Last update | 7 November 2023 | 4 October 2023 |
Long Term Rating | B | B |
Outlook | Stable | Stable |
National Long Term Rating | AAA(tur) |
Fitch Ratings | ||
Date | Rating | Outlook |
7 November 2023 | B | Stable |
18 September 2023 | B | Stable |
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 |
4 October 2023 | B | Stable |
3 April 2023 | B | Negative |
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) | ||
31.03.2023 | B (negative) | ||
08.09.2023 | B (stable) | ||
29.09.2023 | 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.