Page 43 - TURKRptMar20
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    a 10% dividend yield, bringing the 9-year average between 2010-2018 to 5.66%.
Tofas is a steady dividend payer; it has been steadily distributing dividends since FY2005.
 8.4 ​International ratings
8.4.1​ ​International ratings - specific details of rating actions corp/regional etc
   TURKEY - Rating agency
     Jun-18
 Jul-18
     Aug-18
   Jun-19
 Jul-19
     Nov-19
  Mar-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 places Turkey at BB-/Negative, three notches below investment grade. Moody’s Rating Services rates Turkey at B1/Negative, four notches below investment grade, while Standard & Poor’s rates Turkey at B+/Stable, four notches below investment grade.
On February 21, Fitch said in a written statement that it had affirmed Turkey’s ratings and outlook.
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 on January 31 affirmed its Turkey rating. It 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
    Feb 14
     STOCK
                   Equity
    51,984
    29,563
 32,422
     27,995
     GDDS
    30,942
    18,325
 15,448
     13,269
 Repo
     2,403
      314
    573
    297
 Private
  959
   612
 406
  489
        Equity
   3,191
   -904
 409
    -681
     GDDS
    7,278
    -906
 -3,146
     -1,616
     Repo
    271
    -1,391
 269
     46
 Private
    42
     -343
   -231
   -14
   43​ TURKEY Country Report​ March 2020 ​ ​www.intellinews.com
 









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