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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