Page 38 - TURKRptAug21

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
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, AYDEM
Negative
Negative
Negative
Akbank
Five notches below investment
B2
Positive
B
Positive
B
Positive
Stable
Stable
Ukraine, Aydem
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
38 TURKEY Country Report August 2021 www.intellinews.com