Six notches below investment
B3
Positive
B-
Positive
B-
Positive
Stable
Turkey
Stable
Stable
Zorlu
Negative
ISCTR, TSKB
Negative
Ukraine, ALBRK
Negative
Almost default
Caa1
Ronesans REIT
CCC+
CCC
Ukraine
Caa2
Ukraine
CCC
Caa3
CCC-
40 TURKEY Country Report June 2022 www.intellinews.com