Current Turkey credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Turkey ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Turkey, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current Turkey credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | B+ | positive | 6 May 2024 | rating upgrade |
| Moody's Investors Service | B1 | positive | 23 Jul 2024 | rating 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
Turkey long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Turkey sovereign debt. These scales help investors understand the likelihood that Turkey will meet its financial obligations.
Symbol means a negative outlook.
| 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
|
||
with Lazy Portfolios and Passive Investing
Use top metrics to evaluate
Choose Bond ETFs to control risk
Join the passive investing strategy
Turkey Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 23 Jul 2024 | B1 | |||
| 6 May 2024 | B+ | |||
| 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 |
with Lazy Portfolios and Passive Investing
