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 positive 4 Dec 2023 outlook upgrade
Moody's Investors Service B3 positive 15 Jan 2024 outlook upgrade
Fitch Ratings B+ positive 8 Mar 2024 rating upgrade
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
C
C
C
C
In Default
RD
/
RD
RD
SD
/
SD
SD
D•NR
D•NR
D•NR
D•NR
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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
8 Mar 2024 B+
15 Jan 2024 B3
4 Dec 2023 B
2 Oct 2023 B
11 Sep 2023 B
3 Apr 2023 B
3 Oct 2022 B
15 Aug 2022 B3
9 Jul 2022 B
8 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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