Page 57 - TURKRptFeb22

7.4 International ratings
TURKEY - Rating
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Dec-21
Feb-22
Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3
(N)
B1
(N)
B1 (N)
B1 (N)
B1 (N)
B2
(N)
B2 (N)
B2 (N)
B2 (N)
Fitch
BBB- (S)
BB
(N)
BB (N)
BB (N)
BB-
(N)
BB- (S)
BB- (N)
BB- (N)
BB- (S)
BB- (N)
BB- (N)
S&P
BB- (S)
BB- (S)
B+
(S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (N)
B+ (N)
Fitch Ratings rates Turkey at BB-/Negative, 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+/Negative, four notches below investment grade.
Downgrades are on the way.
57 TURKEY Country Report February 2022 www.intellinews.com