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6.0 Financial & capital markets 6.1 International ratings
TURKEY
Jun-18
Jul-18
Aug-18
Jun-19
Jul-19
Nov-19
Aug-20
Sep-20
Feb-21
Dec-21
Feb-22
Jun-22
Moody’s
Ba2 (UR)
Ba2 (UR)
Ba3 (N)
B1 (N)
B1 (N)
B1 (N)
B1 (N)
B2 (N)
B2 (N)
B2 (N)
B2 (N)
B2 (N)
Fitch
BBB- (S)
BB (N)
BB (N)
BB (N)
BB- (N)
BB- (S)
BB- (N)
BB- (N)
BB- (S)
BB- (N)
B+ (N)
B+ (N)
S&P
BB- (S)
BB- (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (S)
B+ (N)
B+ (N)
B+ (N)
Fitch Ratings rates Turkey at B+/Negative, four notches below investment grade. Moody’s Rating Services rates Turkey at B2/Negative, five notches below investment grade, while Standard & Poor’s has Turkey at B+/Negative, four notches below investment grade.
More downgrades are on the way.
38 TURKEY Country Report June 2022 www.intellinews.com
