Page 40 - TURKRptMar22

Moody's
S&P
Fitch
Seven notches above investment
Aa3
Positive
AA-
Positive
AA-
Positive
Stable
Stable
Slovenia
Stable
Negative
Negative
Negative
Six notches above investment
A1
Positive
A+
Positive
A+
Positive
Stable
Stable
Stable
Negative
Negative
Negative
Five notches above investment
A2
Positive
A
Positive
A
Positive
Stable
Stable
Stable
Slovenia
Negative
Negative
Negative
Four notches above investment
A3
Positive
A-
Positive
A-
Positive
Stable
Slovenia
Stable
Stable
Negative
Negative
Negative
Three notches above investment
Baa1
Positive
BBB+
Positive
BBB +
Positive
Stable
Hyundai Assan, Croatia
Stable
Stable
Negative
Negative
Negative
Two notches above investment
Baa2
Positive
BBB
Positive
BBB
Positive
Croatia
Stable
Stable
Stable
Negative
Negative
Negative
Lowest investment grade
Baa3
Positive
BBB-
Positive
BBB-
Positive
CCOLA
Stable
Romania
Stable
Romania, Croatia
Stable
AEFES
Negative
Negative
AEFES, CCOLA
Negative
Romania
One notch below investment
Ba1
Positive
BB+
Positive
BB+
Positive
Stable
Stable
Stable
Negative
Negative
Arcelik (ARCLK)
Negative
Two notches below investment
Ba2
Positive
BB
Positive
BB
Positive
Stable
Georgia
Stable
Stable
Georgia, ARCLK
Negative
Negative
Georgia
Negative
Three notches below investment
Ba3
Positive
BB-
Positive
BB-
Positive
Stable
Stable
Uzbekistan
Stable
Uzbekistan
Negative
Negative
Negative
PGSUS
Four notches below investment
B1
Positive
Uzbekistan
B+
Positive
B+
Positive
Stable
Stable
ULKER
Stable
Negative
Negative
Turkey
Negative
Turkey, ULKER, SISE, TTKOM, TCELL, AYDEM, Mersin Port, Limak Port, Istanbul Municipality
Five notches below investment
B2
Positive
B
Positive
B
Positive
Stable
Stable
Aydem
Stable
40 TURKEY Country Report March 2022 www.intellinews.com