Page 45 - TURKRptDec22

below investment
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
Negative
PGSUS
Five notches below investment
B2
Positive
B
Positive
B
Positive
Stable
Stable
Turkey, Aydem
Stable
Negative
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, AKBNK
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-
45 TURKEY Country Report December 2022 www.intellinews.com