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.