Turkey: Sovereign credit ratings

(measure: Sovereign rating index and outlook, source: Standard & Poor's, Moody's, and Fitch)
* indicates monthly or quarterly data series

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.

Agency Rating Outlook Date
Fitch BB- Negative 7/2019
Moody's B1 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
Fitch BB Negative 7/2018
Standard & Poor's BB- Stable 5/2018
Fitch BB+ Stable 1/2018
Fitch BB+ Stable 7/2017
Moody's Ba1 Negative 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 BB Negative watch 4/1994
Standard & Poor's B+ 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

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.

For all three credit rating agencies the ratings are divided into two large 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 and Fitch investment grade issues/issuers are those from BBB and above, while those from BB and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers from Baa3 and above, while ratings from Ba1 and bellow fall to the category of speculative grade.

All three agencies include modifiers into to their generic alphabet-based ratings for particular ranges. S&P and Fitch ratings 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 rating 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 three 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 is denoted as Developing.

Credit watches do not include 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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