Page 41 - TURKRptMar22

Negative
Turkey, AEFES, AKBNK, EXIMB, VAKBN, Istanbul Municipality
Negative
ISCTR
Negative
AKBNK, VAKBN, GARAN, ISCTR, YKBNK, EXIMB, QNBFB, ALBRK, Kuveyt Turk
Six notches below investment
B3
Positive
B-
Positive
B-
Positive
Stable
Turkey
Stable
Stable
Zorlu
Negative
ISCTR
Negative
Ukraine, ALBRK
Negative
Almost default
Caa1
Ronesans REIT
CCC+
CCC
Ukraine
Caa2
Ukraine
CCC
Caa3
CCC-
41 TURKEY Country Report March 2022 www.intellinews.com