Turkey: Sovereign credit ratings

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Sovereign credit ratings in Turkey: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch BB- Stable 9/2024
Scope B Positive 6/2024
Scope B- Positive 4/2024
Fitch B+ Positive 3/2024
Moody's B3 Positive 1/2024
Scope B- Stable 1/2024
Standard & Poor's B Stable 9/2023
Fitch B Stable 9/2023
Scope B- Negative 8/2023
Fitch B Negative 3/2023
Moody's B3 Stable 8/2022
Fitch B Negative 7/2022
Scope B- Negative 3/2022
Fitch B+ Negative 2/2022
Standard & Poor's B+ Negative 12/2021
Moody's B2 Negative 12/2021
Fitch BB- Negative 12/2021
Fitch BB- Stable 8/2021
Fitch BB- Stable 2/2021
Scope B Negative 11/2020
Moody's B2 Negative 9/2020
Fitch BB- Negative 8/2020
Scope B+ Stable 7/2020
Fitch BB- Stable 2/2020
Fitch BB- Stable 2/2020
Fitch BB- Stable 11/2019
Fitch BB- Negative 7/2019
Moody's B1 Negative 6/2019
Scope BB- Negative 6/2019
Fitch BB Negative 5/2019
Fitch BB Negative 12/2018
Standard & Poor's B+ Stable 8/2018
Moody's Ba3 Negative 8/2018
Scope BB- Negative 8/2018
Fitch BB Negative 7/2018
Scope BB+ Under Review 7/2018
Standard & Poor's BB- Stable 5/2018
Fitch BB+ Stable 1/2018
Scope BB+ Stable 9/2017
Fitch BB+ Stable 7/2017
Moody's Ba1 Negative 5/2017
Scope BB Under Review 5/2017
Standard & Poor's BB Negative 1/2017
Fitch BB+ Stable 1/2017
Standard & Poor's BB Stable 11/2016
Moody's Ba1 Stable 9/2016
Fitch BBB- Negative 8/2016
Standard & Poor's BB Negative 7/2016
Moody's Baa3 Negative watch 7/2016
Fitch BBB- Stable 7/2016
Standard & Poor's BB+ Stable 5/2016
Fitch BBB- Stable 2/2016
Moody's Ba3 Negative 12/2015
Standard & Poor's BB+ Negative 5/2015
Fitch BBB- Stable 10/2014
Fitch BBB- Stable 8/2014
Fitch BBB- Stable 7/2014
Fitch BBB- Stable 6/2014
Fitch BBB- Stable 5/2014
Moody's Baa3 Negative 4/2014
Fitch BBB- Stable 4/2014
Fitch BBB- Stable 3/2014
Standard & Poor's BB+ Negative 2/2014
Fitch BBB- Stable 2/2014
Fitch BBB- Stable 1/2014
Fitch BBB- Stable 12/2013
Fitch BBB- Stable 11/2013
Fitch BBB- Stable 10/2013
Fitch BBB- Stable 8/2013
Fitch BBB- Stable 7/2013
Moody's Baa3 Stable 5/2013
Fitch BBB- Stable 5/2013
Standard & Poor's BB+ Stable 3/2013
Fitch BBB- Stable 3/2013
Fitch BBB- Stable 2/2013
Fitch BB+ Stable 8/2012
Moody's Ba1 Positive 6/2012
Standard & Poor's BB Stable 5/2012
Fitch BB+ Stable 3/2012
Fitch BB+ Stable 2/2012
Fitch BB+ Stable 1/2012
Fitch BB+ Stable 12/2011
Fitch BB+ Stable 11/2011
Standard & Poor's BB Positive 9/2011
Fitch BB+ Positive 11/2010
Standard & Poor's BB Positive 2/2010
Moody's Ba2 Stable 1/2010
Fitch BB+ Stable 12/2009
Fitch BB- Positive 10/2009
Standard & Poor's BB- Stable 9/2009
Standard & Poor's BB- Negative 11/2008
Standard & Poor's BB- Stable 7/2008
Standard & Poor's BB- Negative 4/2008
Fitch BB- Stable 12/2007
Fitch BB- Stable 5/2007
Standard & Poor's BB- Stable 6/2006
Standard & Poor's BB- Positive 1/2006
Moody's Ba3 Stable 12/2005
Fitch BB- Positive 12/2005
Standard & Poor's BB- Stable 11/2005
Standard & Poor's BB- Stable 11/2005
Moody's Ba3 Positive 2/2005
Fitch BB- Stable 1/2005
Standard & Poor's BB- Stable 8/2004
Fitch B+ Positive 8/2004
Standard & Poor's B+ Positive 3/2004
Fitch B+ Stable 2/2004
Standard & Poor's B+ Stable 10/2003
Fitch B Positive 9/2003
Fitch B- Positive 8/2003
Standard & Poor's B Stable 7/2003
Fitch B- Negative 3/2003
Standard & Poor's B- Stable 11/2002
Standard & Poor's B- Negative 7/2002
Standard & Poor's B- Stable 6/2002
Fitch B Stable 2/2002
Standard & Poor's B- Positive 1/2002
Standard & Poor's B- Stable 11/2001
Fitch B Negative 8/2001
Standard & Poor's B- Negative 7/2001
Standard & Poor's B- Stable 4/2001
Standard & Poor's B- Negative watch 4/2001
Fitch B+ Negative 4/2001
Standard & Poor's B Negative watch 2/2001
Standard & Poor's B+ Negative watch 2/2001
Fitch BB- Negative 2/2001
Standard & Poor's B+ Stable 12/2000
Moody's B1 Stable 12/2000
Fitch BB- Stable 9/2000
Moody's B1 Positive watch 7/2000
Standard & Poor's B+ Positive 4/2000
Standard & Poor's B Positive 12/1999
Standard & Poor's B Stable 1/1999
Standard & Poor's B Positive 8/1998
Moody's B1 Stable 3/1997
Moody's Ba3 Negative watch 1/1997
Standard & Poor's B Stable 12/1996
Standard & Poor's B+ Negative watch 7/1996
Fitch BB- Negative 7/1996
Standard & Poor's B+ Stable 10/1995
Standard & Poor's B+ Positive 7/1995
Standard & Poor's B+ Stable 8/1994
Moody's Ba3 Stable 6/1994
Standard & Poor's B+ Negative watch 4/1994
Standard & Poor's BB Negative watch 4/1994
Standard & Poor's BBB- Negative 1/1994
Moody's Ba1 Stable 1/1994
Standard & Poor's BBB Negative 5/1993
Standard & Poor's BBB Stable 5/1992
Moody's Baa3 Stable 5/1992

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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