Page 38 - TURKRptNov22

7.2 International ratings
TURKEY
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Dec-21
Feb-22
Jul-22
Aug-22
Sep-22
Moody’s
Ba3 (N)
B1 (N)
B1 (N)
B1 (N)
B1 (N)
B2 (N)
B2 (N)
B2 (N)
B2 (N)
B2 (N)
B3 (S)
B3 (S)
Fitch
BB (N)
BB (N)
BB- (N)
BB- (S)
BB- (N)
BB- (N)
BB- (S)
BB- (N)
B+ (N)
B (N)
B (N)
B (N)
S&P
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (N)
B+ (N)
B+ (N)
B+ (N)
B (S)
Fitch Ratings rates Turkey at B/Negative, five notches below investment grade. Moody’s Rating Services rates Turkey at B3/Stable, six notches below investment grade, while Standard & Poor’s has Turkey at B/Stable, five notches below investment grade.
More downgrades are on the way.
38 TURKEY Country Report November 2022 www.intellinews.com