Page 28 - TURKRptMay21

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
May-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.
7.0 Industry & Sectors 7.1 Sector news
7.1.1 Oil & gas sector news
Turkey’s energy watchdog EPDK on March 17 introduced a price cap on gasoline and diesel for two months.
Turkey is reportedly preparing to start blending hydrogen into its gas distribution network.
Flows of Caspian Sea gas to Greece and Italy from Azerbaijan via the Trans Adriatic Pipeline (TAP)—the final piece of the Southern Gas Corridor (SGC), which went operational at the end of 2020— remain in the ramp-up phase, but their impacts are already being felt in the liquefied natural gas (LNG) market, according to S&P Global Platts.
Azerbaijan’s oil exports through the Baku-Tbilisi-Ceyhan (BTC) declined by 9% y/y to 7mn tonnes in Q1. The BTC pipeline is used to export oil from the Azeri, Chirag and Guneshli oilfields operated by BP.
7.1.2 Transport sector news
28 TURKEY Country Report May 2021
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