Page 25 - TURKRptJul21

6.4 International ratings
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Jul-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
Lowest investment
Baa3
Positive
BBB-
Positive
BBB-
Positive
Stable
Stable
Romania, AEFES
Stable
AEFES
Negative
Romania
Negative
Negative
Romania
One notch below investment
Ba1
Positive
BB+
Positive
Arcelik (upcoming papers)
BB+
Positive
Stable
Stable
Stable
Negative
Negative
Negative
Two notches below investment
Ba2
Positive
BB
Positive
BB
Positive
Arcelik (upcoming papers)
Stable
Georgia
Stable
Stable
Arcelik (ARCLK)
Negative
Negative
Arcelik (ARCLK), Georgia
Negative
Georgia
Three notches below investment
Ba3
Positive
BB-
Positive
BB-
Positive
Stable
Stable
Stable
Turkey, Uzbekistan
Negative
Negative
Uzbekistan
Negative
Four notches below investment
B1
Positive
B+
Positive
B+
Positive
Stable
Uzbekistan
Stable
Turkey
Stable
EXIMB
Negative
Negative
Negative
Akbank
Five notches below investment
B2
Positive
B
Positive
B
Positive
Stable
Stable
Ukraine
Stable
Ukraine
Negative
Turkey, AEFES, AKBNK, EXIMB
Negative
Negative
Six notches below investment
B3
Positive
B-
Positive
B-
Positive
Stable
Turkey, Ukraine
Stable
Stable
Zorlu
Negative
Negative
Negative
Almost default
Caa1
CCC+
CCC
Caa2
CCC
Caa3
CCC-
25 TURKEY Country Report July 2021 www.intellinews.com