Page 25 - Turkey Outlook 2023

Moody's S&P Fitch
Seven Positive Positive Positive
notches Aa3 Stable AA- Stable Slovenia AA- Stable
above
investment Negative Negative Negative
Six Positive Positive Positive
notches A1 Stable A+ Stable A+ Stable
above
investment Negative Negative Negative
Five Positive Positive Positive
notches Stable Stable Stable Slovenia
above A2 A A
investment Negative Negative Negative
Four Positive Positive Positive
notches Stable Slovenia Stable Stable
above A3 A- A-
investment Negative Negative Negative
Positive Positive Positive
Three
notches Hyundai Assan,
above Baa1 Stable Croatia BBB+ Stable BBB+ Stable Croatia
investment
Negative Negative Negative
Two Positive Positive Positive
notches Stable BBB Stable BBB Stable
above Baa2
investment Negative Negative Negative
Positive Positive Positive CCOLA
Lowest
investment Baa3 Stable Romania BBB- Stable Romania, Croatia BBB- Stable
grade
Negative Negative AEFES, CCOLA Negative Romania

Positive Positive Positive
One notch
below Ba1 Stable BB+ Stable BB+ Stable
investment
Negative Negative Arcelik (ARCLK) Negative AEFES
Two Positive Positive Positive
notches Ba2 Stable Georgia BB Stable BB Stable Georgia
below
investment Negative Negative Georgia Negative
Three Positive Positive Positive
notches Stable Stable Uzbekistan Stable Uzbekistan
below Ba3 BB- BB-
investment Negative Negative Negative ARCLK
Four Positive Uzbekistan Positive Positive
notches B1 B+ B+
below Stable Stable ULKER Stable
investment Negative Negative Negative PGSUS

Positive Positive Positive
Stable Stable Turkey, Aydem Stable
Five ULKER, Turkey,
notches Mersin Port, Limak
below B2 B B Port, Istanbul
investment Negative Negative ISCTR Negative
EXIMB, VAKBN, Municipality, SISE,
Istanbul TTKOM, TCELL,
Municipality AYDEM

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