Page 39 - TURKRptMar22

6.3 International ratings
TURKEY
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Dec-21
Feb-22
Mar-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)
B2 (N)
Fitch
BBB- (S)
BB
(N)
BB (N)
BB (N)
BB-
(N)
BB- (S)
BB- (N)
BB- (N)
BB- (S)
BB- (N)
B+
(N)
B+ (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)
B+ (N)
Fitch Ratings rates Turkey at B+/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.
(@akcakmak).
Fitch: “Companies most at risk in our portfolio, Ulker (ULKER), Ronesans REIT and Anadolu Efes (AEFES), are the most vulnerable Turkish companies to the sharp depreciation of the lira because of their material mismatch between debt and earnings denominated in hard currencies.
Ulker and Migros’ exposure to inflation risk is increasing, while Turkish Airlines (THYAO) and Pegasus (PGSUS) and oil refiner Tupras (TUPRS) are increasingly burdened by higher energy prices.”
39 TURKEY Country Report March 2022 www.intellinews.com