Page 36 - TURKRptAug22

notches above investment
Stable
Stable
Stable
Negative
Negative
Negative
Lowest investment grade
Baa3
Positive
BBB-
Positive
BBB-
Positive
CCOLA
Stable
Romania
Stable
Romania, Croatia
Stable
Negative
Negative
AEFES, CCOLA
Negative
Romania
One notch below investment
Ba1
Positive
BB+
Positive
BB+
Positive
Stable
Stable
Stable
Negative
Negative
Arcelik (ARCLK)
Negative
AEFES
Two notches below investment
Ba2
Positive
BB
Positive
BB
Positive
Stable
Georgia
Stable
Stable
Georgia
Negative
Negative
Georgia
Negative
Three notches below investment
Ba3
Positive
BB-
Positive
BB-
Positive
Stable
Stable
Uzbekistan
Stable
Uzbekistan
Negative
Negative
Negative
ARCLK
Four notches below investment
B1
Positive
Uzbekistan
B+
Positive
B+
Positive
Stable
Stable
ULKER
Stable
Negative
Negative
Turkey
Negative
PGSUS
Five notches below investment
B2
Positive
B
Positive
B
Positive
Stable
Stable
Aydem
Stable
Negative
Turkey, AKBNK, EXIMB, VAKBN, Istanbul Municipality
Negative
ISCTR
Negative
ULKER, Turkey, Mersin Port, Limak Port, Istanbul Municipality, SISE, TTKOM, TCELL, AYDEM
Six notches below investment
B3
Positive
B-
Positive
B-
Positive
Stable
Turkey
Stable
Stable
Zorlu
Negative
ISCTR, TSKB
Negative
Ukraine, ALBRK
Negative
AKBNK, VAKBN, GARAN, ISCTR, YKBNK, EXIMB, QNBFB, TSKB, ALBRK, Kuveyt Turk
Almost default
Caa1
Ronesans REIT
CCC+
CCC
Ukraine
Caa2
Ukraine
CCC
Caa3
CCC-
36 TURKEY Country Report August 2022 www.intellinews.com