Page 15 - TURKRptSep20

2.4​ ​Fitch revises Turkey’s junk rating outlook to ‘Negative’
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Sep-20
Bond rating: Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3​
(​N)​
B1​
(N)
B1 (N)
B1 (N)
B1 (N)
Bond rating: Fitch
BBB- (S)
BB​
(N)
BB (N)
BB (N)
BB-​
(N)
BB- (​S​)
BB- (​N​)
Bond rating: S&P
BB- (S)
BB- (S)
B+​
(S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
Fitch Ratings has revised its outlook on Turkey's Long-Term Issuer Default Ratings (IDRs) ​to ‘Negative’ from ‘Stable’ and affirmed the IDRs at 'BB-', three notches below investment grade​, it ​said​ in an August 21 statement.
The revision results from Fitch’s second and last scheduled rating review for Turkey in 2020. Moody’s Investors Service’s second Turkey review is scheduled for December 4 while S&P Global Ratings has completed its scheduled reviews for Turkey this year. On July 24, ​S&P affirmed Turkey at 'B+/Stable', four notches below investment grade​.
Moody’s previously scheduled a Turkey sovereign rating review for June 5 but that date was put back. In its latest rating action on Turkey, in June last year, Moody’s issued a downgrade to B1, four notches below investment
15​ TURKEY Country Report​ September 2020 ​ ​www.intellinews.com