Page 34 - TURKRptOct21

7.3 Stock market
Coca Cola Icecek (CCOLA), controlled by local conglomerate Anadolu Group (AGHOL), sold a land plot in Istanbul for TRY153mn ($18mn) in cash. Icecek will write TRY131mn in profit from the sale. That equals around 11% of the TRY1.23bn profit it recorded for 2020.
7.4 International ratings
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Oct-21
Bond rating: Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3
(N)
B1
(N)
B1 (N)
B1 (N)
B1 (N)
B2
(N)
B2 (N)
B2 (N)
Bond rating: Fitch
BBB- (S)
BB
(N)
BB (N)
BB (N)
BB-
(N)
BB- (S)
BB- (N)
BB- (N)
BB- (S)
BB- (S)
Bond rating: S&P
BB- (S)
BB- (S)
B+
(S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
Fitch Ratings rates Turkey at BB-/Stable, three notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, also four notches below investment grade.
Moody's
S&P
Fitch
Seven notches above investment
Aa3
Positive
AA-
Positive
AA-
Positive
Stable
Stable
Slovenia
Stable
Negative
Negative
Negative
Six notches above investment
A1
Positive
A+
Positive
A+
Positive
Stable
Stable
Stable
Negative
Negative
Negative
Five notches above investment
A2
Positive
A
Positive
A
Positive
Stable
Stable
Stable
Slovenia
Negative
Negative
Negative
Four notches above investment
A3
Positive
A-
Positive
A-
Positive
Stable
Slovenia
Stable
Stable
Negative
Negative
Negative
Three notches above investment
Baa1
Positive
BBB+
Positive
BBB +
Positive
Stable
Hyundai Assan
Stable
Stable
Erste Croatia
Negative
Negative
Negative
Two notches above investment
Baa2
Positive
BBB
Positive
BBB
Positive
Stable
Stable
Hyundai Assan
Stable
Negative
Negative
Negative
Lowest investment grade
Baa3
Positive
BBB-
Positive
BBB-
Positive
34 TURKEY Country Report October 2021 www.intellinews.com