Page 44 - TURKRptDec22

6.2 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.
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
Croatia
Negative
Negative
Negative
Two notches above investment
Baa2
Positive
BBB
Positive
BBB
Positive
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
Ba2
Positive
BB
Positive
BB
Positive
44 TURKEY Country Report December 2022 www.intellinews.com