13/02/2022, 17:31 Turkey - Credit Rating

Turkey - Credit Rating

 Summary ()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)

 APIFitch
Access
The rating Alerts
agency () lowered Turkey's long-term debt rating to B+ from BB-, pushing it deeper into the
junk territory. The agency also issued a negative outlook bringing the possibility of further downgrades.
Policy-driven financial stress episodes of higher frequency and intensity have increased Turkey's
vulnerabilities in terms of high inflation, low external liquidity and weak policy credibility, the agency said.
Fitch does not expect the authorities' policy response to reduce inflation, including FX-protected deposits,
targeted credit and capital flow measures, will sustainably ease macroeconomic and financial stability
risks. Standard & Poor's credit rating for Turkey stands at B+ with negative outlook. Moody's credit rating
for Turkey was last set at B2 with negative outlook. DBRS's credit rating for Turkey is BB (high) with
negative outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other
investors to gauge the credit worthiness of Turkey thus having a big impact on the country's borrowing
costs. This page includes the government debt credit rating for Turkey as reported by major credit rating
agencies.

Replay

Agency Rating Outlook Date

Fitch B+ negative Feb 12 2022

S&P B+ negative Dec 10 2021

Fitch BB- negative Dec 02 2021

Fitch BB- stable Feb 19 2021

Moody's B2 negative Sep 11 2020

Fitch BB- negative Aug 21 2020

Fitch BB- stable Nov 01 2019

Fitch BB- negative Jul 12 2019

Moody's B1 negative Jun 14 2019

https://tradingeconomics.com/turkey/rating 1/8
13/02/2022, 17:31 Turkey - Credit Rating

Moody's Ba3 negative Aug 17 2018

S&P B+ stable Aug 17 2018

Turkey - Credit Rating
Fitch BB negative Jul 13 2018
 Summary ()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
Moody's Ba2 under review Jun 01 2018
 API Access  Alerts ()
S&P BB- stable May 01 2018

Moody's Ba2 stable Mar 07 2018

Moody's Ba1 negative Mar 17 2017

S&P BB negative Jan 27 2017

Fitch BB+ stable Jan 27 2017

S&P BB stable Nov 04 2016

Moody's Ba1 stable Sep 23 2016

Fitch BBB- negative Aug 19 2016

DBRS BB (high) negative Jul 21 2016

S&P BB negative Jul 20 2016

Moody's Baa3 negative watch Jul 18 2016

S&P BB+ stable May 06 2016

Moody's Baa3 negative Apr 11 2014

S&P BB+ negative Feb 07 2014

DBRS BBB (low) stable May 23 2013

Moody's Baa3 stable May 16 2013

S&P BB+ stable Mar 27 2013

Fitch BBB- stable Nov 05 2012

Moody's Ba1 positive Jun 20 2012

S&P BB stable May 01 2012

Fitch BB+ stable Nov 23 2011

Fitch BB+ positive Nov 24 2010

Moody's Ba2 positive Oct 05 2010

S&P BB positive Feb 19 2010

Moody's Ba2 stable Jan 08 2010

https://tradingeconomics.com/turkey/rating 2/8
13/02/2022, 17:31 Turkey - Credit Rating

Fitch BB+ stable Dec 03 2009

Fitch BB- positive watch Oct 27 2009

Turkey - Credit Rating
Moody's Ba3 positive Sep 18 2009
 Summary ()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
S&P BB- stable Sep 17 2009
 API Access  Alerts ()
S&P BB- negative Nov 13 2008

S&P BB- stable Jul 31 2008

S&P BB- negative Apr 03 2008

Fitch BB- stable May 09 2007

S&P BB- stable Jun 27 2006

S&P BB- positive Jan 23 2006

Moody's Ba3 stable Dec 14 2005

Fitch BB- positive Dec 06 2005

Moody's B1 positive Feb 11 2005

Fitch BB- stable Jan 13 2005

Fitch B+ positive Aug 25 2004

S&P BB- stable Aug 17 2004

S&P B+ positive Mar 08 2004

Fitch B+ stable Feb 09 2004

Moody's B1 stable Oct 21 2003

S&P B+ stable Oct 16 2003

Fitch B positive Sep 25 2003

Fitch B- positive Aug 06 2003

S&P B stable Jul 28 2003

Fitch B- negative Mar 25 2003

S&P B- stable Nov 07 2002

Moody's B1 negative Jul 10 2002

S&P B- negative Jul 09 2002

S&P B- stable Jun 26 2002

Fitch B stable Feb 05 2002

https://tradingeconomics.com/turkey/rating 3/8
13/02/2022, 17:31 Turkey - Credit Rating

S&P B- positive Jan 29 2002

Moody's B1 stable Jan 15 2002

Turkey - Credit Rating
S&P B- stable Nov 30 2001
 Summary ()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
Fitch B negative Aug 02 2001
 API Access  Alerts ()
S&P B- negative Jul 11 2001

S&P B- stable Apr 27 2001

S&P B- negative watch Apr 17 2001

Moody's B1 negative Apr 06 2001

Fitch B+ negative watch Apr 02 2001

S&P B negative watch Feb 23 2001

Fitch BB- negative watch Feb 22 2001

Moody's B1 stable Feb 21 2001

S&P B+ negative watch Feb 21 2001

S&P B+ stable Dec 05 2000

Fitch BB- stable Sep 21 2000

Fitch BB- stable Sep 21 2000

Moody's B1 positive watch Jul 24 2000

Fitch BB- n/a Apr 27 2000

S&P B+ positive Apr 25 2000

Fitch B+ positive watch Apr 10 2000

S&P B positive Dec 10 1999

Moody's B1 positive Nov 30 1999

S&P B stable Jan 21 1999

S&P B positive Aug 11 1998

Moody's B1 stable Mar 13 1997

Moody's Ba3 negative watch Jan 09 1997

Fitch B+ n/a Dec 20 1996

S&P B stable Dec 13 1996

Fitch BB- negative watch Jul 29 1996

https://tradingeconomics.com/turkey/rating 4/8
13/02/2022, 17:31 Turkey - Credit Rating

S&P B+ negative watch Jul 17 1996

S&P B+ stable Oct 18 1995

Turkey - Credit Rating
Fitch BB- n/a Sep 26 1995
 Summary ()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
S&P B+ positive Jul 24 1995
 API Access  Alerts ()

View Credit Ratings by Country (https://tradingeconomics.com/country-list/rating)

Related

Fitch Downgrades Turkish Debt Deeper into Junk (/turkey/rating)

Turkish Industrial Output Rises the Most in 6 Months (/turkey/industrial-production)
Turkish Current Account Gap Largest in 16 Months (/turkey/current-account)
Turkish Retail Sales Growth Eases (/turkey/retail-sales-annual)
Turkish Jobless Rate Edges Down to 11.2% (/turkey/unemployment-rate)
Turkish Producer Inflation Highest Since 1995 (/turkey/producer-prices-change)
Turkey Inflation Rate Jumps to Nearly 49% (/turkey/inflation-cpi)
Turkish Manufacturing PMI Falls to 8-Month Low (/turkey/manufacturing-pmi)
Turkey Tourist Arrivals Rise 170.6% in December (/turkey/tourist-arrivals)
Turkey Tourism Revenues Continue to Rise (/turkey/tourism-revenues)

+
(news)

Latest

Markets are Braced for More Volatility Next Week (/calendar?

article=29133&g=top&importance=2&startdate=2022-02-12)
Fitch Downgrades Turkish Debt Deeper into Junk (/turkey/rating)
Crude Oil Hits $94 (/commodity/crude-oil)
Brazilian Equities Rise for 4th Day (/brazil/stock-market)
US Stocks End Friday's Session Sharply Lower (/united-states/stock-market)
Canada Stocks Edge Up, Book Weekly Gain (/canada/stock-market)
Gold Hits 12-week High (/commodity/gold)
Uruguay Industrial Output Grows for 10th Month (/uruguay/industrial-production)
South African Stocks Close in the Red (/south-africa/stock-market)
Spanish Stocks Fall from 13-Week High (/spain/stock-market)

+
(../stream)

https://tradingeconomics.com/turkey/rating 5/8
13/02/2022, 17:31 Turkey - Credit Rating

Turkey
Turkey - Credit Rating
Calendar
()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
 Summary
(/turkey/calendar)
Forecast

(/turkey/forecast)
Indicators

 API Access  Alerts ()

(/turkey/indicators)
News

(/turkey/news)

  Markets

  GDP

  Labour

  Prices

  Health

  Money

  Trade

  Government

Credit Rating (/Turkey/Rating)

Fiscal Expenditure (/Turkey/Fiscal-Expenditure)

Government Budget (/Turkey/Government-Budget)

Government Budget Value (/Turkey/Government-

Budget-Value)

Government Debt (/Turkey/Government-Debt)

Government Debt To GDP (/Turkey/Government-
Debt-To-Gdp)

Government Revenues (/Turkey/Government-

Revenues)

Government Spending (/Turkey/Government-

Spending)

Holidays (/Turkey/Holidays)

Military Expenditure (/Turkey/Military-Expenditure)

Treasury Cash Balance (/Turkey/Treasury-Cash-

Balance)

  Business

  Consumer

  Housing
https://tradingeconomics.com/turkey/rating 6/8
13/02/2022, 17:31 Turkey - Credit Rating

  Taxes

Turkey - Credit Rating

More Indicators
 Summary ()  Export Data (https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
National Statistics

 API Access  Alerts ()

(/turkey/indicators)
World Bank (/turkey/indicators-
wb-data.html)

TRADING ECONOMICS

Subscriptions  
We have a plan for your needs. Standard users can
export data in a easy to use web interface or using
an excel add-in. Advanced users can use our
Python/R/Matlab packages. API users can feed a
custom application. White label accounts can
distribute our data.

50 Million Indicators 50K Markets

Economic Calendar Live Quotes
News Stream Currencies
Earnings Releases Stocks
Credit Ratings Commodities
Forecasts Bonds

Get Started

(https://tradingeconomics.com/analytics/features.aspx?
source=300x250)

Indicators Solutions
Homepage (../)
Data Subscriptions (/analytics/features.aspx?
Countries (../countries)
source=footer)

Indicators (../indicators)
API Access (/api/?source=footer)

Calendar (../calendar)
Excel Add-In (/analytics/excel.aspx)

Forecasts (../forecasts)
Developer Account
Ratings (../country-list/rating) (https://developer.tradingeconomics.com/)

Documentation
(https://docs.tradingeconomics.com/)

https://tradingeconomics.com/turkey/rating 7/8
13/02/2022, 17:31 Turkey - Credit Rating

Pricing (/analytics/pricing.aspx?source=footer)

About Us Follow Us
Turkey - Credit Rating
Facts (../about-te.aspx)
Twitter (https://www.twitter.com/teconomics)

Customers (../api/customers.aspx)
App Store (https://itunes.apple.com/us/app/trading-
 Summary ()  Export Data
Investors (../investors.aspx)
(https://api.tradingeconomics.com/ratings/historical/turkey?format=csv)
economics/id1142178921?mt=8)

Careers (../careers.aspx)
Google Play
 API Access (../advertise.aspx)

Advertisers  Alerts () (https://play.google.com/store/apps/details?

Privacy (../privacy-policy.aspx) id=com.tradingeconomics.calendar)

YouTube (https://www.youtube.com/channel/UCQix-
tJyauKo80AhnN9Ndzg/videos)

RSS (https://tradingeconomics.com/rss/)

GitHub
(https://github.com/tradingeconomics/tradingeconomics)

Copyright ©2022 TRADING ECONOMICS

All Rights Reserved

https://tradingeconomics.com/turkey/rating 8/8