Turkey Credit Rating

Current Turkey credit ratings, according to main rating agencies.

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Rating Agency	Rating	Outlook	Last Update	Action
Standard & Poor's	B	negative	3 Apr 2023	outlook downgrade
Moody's Investors Service	B3	-	15 Aug 2022	rating downgrade
Fitch Ratings	B	negative	9 Jul 2022	rating downgrade
DBRS	BB (high)	negative	21 Jul 2016	rating downgrade

Turkey: Long-term Rating Scales Comparison

Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.

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Grade	Description	S&P	Moody's	Fitch	DBRS

Investment Grade	Prime	AAA	Aaa	AAA	AAA


	High Medium Grade	AA+	Aa1	AA+	AA(high)
		AA	Aa2	AA	AA
		AA-	Aa3	AA-	AA(low)


	Upper Medium Grade	A+	A1	A+	A(high)
		A	A2	A	A
		A-	A3	A-	A(low)


	Lower Medium Grade	BBB+	Baa1	BBB+	BBB(high)
		BBB	Baa2	BBB	BBB
		BBB-	Baa3	BBB-	BBB(low)

Speculative Grade	Speculative	BB+	Ba1	BB+	BB(high)
		BB	Ba2	BB	BB
		BB-	Ba3	BB-	BB(low)


	Highly Speculative	B+	B1	B+	B(high)
		B	B2	B	B
		B-	B3	B-	B(low)


	Substantial Risk	CCC+	Caa1	CCC+	CCC(high)
		CCC	Caa2	CCC	CCC
		CCC-	Caa3	CCC-	CCC(low)


	Extremely Speculative	CC	Ca	CC	CC
	Extremely Speculative	C	C	C	C


	In Default	RD	/	RD	RD
		SD	/	SD	SD
		D•NR	D•NR	D•NR	D•NR

Turkey Credit Ratings historical data

Timetable of Turkey credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.

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Date	S&P	Moody's	Fitch	DBRS
3 Apr 2023	B
3 Oct 2022	B
15 Aug 2022		B3
9 Jul 2022			B
12 Feb 2022			B+
13 Dec 2021	B+
3 Dec 2021			BB-
23 Feb 2021			BB-
20 Feb 2021			BBB
14 Sep 2020		B2
24 Aug 2020			BB-
2 Nov 2019			BB-
13 Jul 2019			BB-
15 Jun 2019		B1
17 Aug 2018	B+	Ba3
13 Jul 2018			BB
1 May 2018	BB-
7 Mar 2018		Ba2
17 Mar 2017		Ba1
27 Jan 2017	BB		BB+
4 Nov 2016	BB
23 Sep 2016		Ba1
19 Aug 2016			BBB-
21 Jul 2016				BB (high)
20 Jul 2016	BB
6 May 2016	BB+
11 Apr 2014		Baa3
7 Feb 2014	BB+
23 May 2013				BBB (low)
16 May 2013		Baa3
27 Mar 2013	BB+
5 Nov 2012			BBB-
20 Jun 2012		Ba1
1 May 2012	BB
23 Nov 2011			BB+
24 Nov 2010			BB+
5 Oct 2010		Ba2
19 Feb 2010	BB
8 Jan 2010		Ba2
3 Dec 2009			BB+
27 Oct 2009			BB-
18 Sep 2009		Ba3
17 Sep 2009	BB-
13 Nov 2008	BB-
31 Jul 2008	BB-
3 Apr 2008	BB-
9 May 2007			BB-
27 Jun 2006	BB-
23 Jan 2006	BB-
14 Dec 2005		Ba3
6 Dec 2005			BB-
11 Feb 2005		B1
13 Jan 2005			BB-
25 Aug 2004			B+
17 Aug 2004	BB-
8 Mar 2004	B+
9 Feb 2004			B+
21 Oct 2003		B1
16 Oct 2003	B+
25 Sep 2003			B
6 Aug 2003			B-
28 Jul 2003	B
25 Mar 2003			B-
7 Nov 2002	B-
10 Jul 2002		B1
9 Jul 2002	B-
26 Jun 2002	B-
5 Feb 2002			B
29 Jan 2002	B-
15 Jan 2002		B1
30 Nov 2001	B-
2 Aug 2001			B
11 Jul 2001	B-
27 Apr 2001	B-
17 Apr 2001	B-
6 Apr 2001		B1
2 Apr 2001			B+
23 Feb 2001	B
22 Feb 2001			BB-
21 Feb 2001	B+	B1
5 Dec 2000	B+
27 Apr 2000			BB-
25 Apr 2000	B+
10 Apr 2000			B+
10 Dec 1999	B
30 Nov 1999		B1
21 Jan 1999	B
11 Aug 1998	B
13 Mar 1997		B1
9 Jan 1997		Ba3
20 Dec 1996			B+
13 Dec 1996	B
29 Jul 1996			BB-
17 Jul 1996	B+
18 Oct 1995	B+
26 Sep 1995			BB-
24 Jul 1995	B+
16 Aug 1994	B+
10 Aug 1994			B
2 Jun 1994		Ba3
29 Apr 1994	B+
22 Mar 1994	BB
14 Jan 1994	BBB-
13 Jan 1994		Ba1
3 May 1993	BBB

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