Page 45 - TURKRptMay20

8.4 ​International ratings
TURKEY - Rating agency
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
May-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- (S)
Bond rating: S&P
BB- (S)
BB- (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 B1/Negative, four notches below investment grade, while Standard & Poor’s has Turkey at B+/Stable, also four notches below investment grade.
Fitch’s second rating review release for Turkey is expected on August 21. Moody’s reviews are scheduled for June 5 and December 4, while S&P is set to release its last scheduled review for this year on July 24.
8.5 ​Fixed income
Non-residents' holdings of equity and government domestic debt securities ($ mn) (Market Value)
NET TRANSACTIONS (Adjusted for Foreign Exchange and Market Price Effects)
source: tcmb
2017
2018
2019
Apr 17
STOCK
Equity
51,984
29,563
32,422
22,087
GDDS
30,942
18,325
15,448
8,251
Repo
2,403
314
573
408
Private
959
612
406
323
Equity
3,191
-904
409
-2,542
GDDS
7,278
-906
-3,146
-5,065
Repo
271
-1,391
269
-45
Private
42
-343
-231
-58
45​ TURKEY Country Report​ May 2020 ​ ​www.intellinews.com