Turkey Credit Rating trends, research and data

This page includes the government debt credit rating and outlook of Turkey as reported by the credit rating agencies of S&P, Moody’s and Fitch. Credit rating agencies are often slow to respond to rising risk conditions. Sign up free to monitor Turkey’s sovereign risk using MacroVar Advanced Financial & Macroeconomic data analytics.

Date Rating Outlook Indicator
12-08-22 B3 (Stable) B3 Turkey Credit Rating (Moody's)
08-07-22 B (Negative) B Turkey Credit Rating (Fitch)
01-04-22 B+ Turkey Credit Rating (S&P)
11-02-22 B+ (Negative) B+ Turkey Credit Rating (Fitch)
10-12-21 B+ (Negative) BB- Turkey Credit Rating (S&P)
03-12-21 B2 (Negative) B2 Turkey Credit Rating (Moody's)
11-09-20 B2 (Negative) B2 Turkey Credit Rating (Moody's)
21-02-20 BB- BB- Turkey Credit Rating (Fitch)
01-11-19 BB- BB- Turkey Credit Rating (Fitch)
12-07-19 BB- BB- Turkey Credit Rating (Fitch)
14-06-19 B1 (Negative) B1 Turkey Credit Rating (Moody's)
03-05-19 BB BB+ Turkey Credit Rating (Fitch)
14-12-18 BB BB+ Turkey Credit Rating (Fitch)
17-08-18 B+ (Stable) BB- Turkey Credit Rating (S&P)
17-08-18 Ba3 (Negative) Ba3 Turkey Credit Rating (Moody's)
13-07-18 BB (Negative) BB+ Turkey Credit Rating (Fitch)
01-06-18 Ba2 (Under Review) Ba2 Turkey Credit Rating (Moody's)
01-05-18 BB- (Stable) BB Turkey Credit Rating (S&P)
07-03-18 Ba2 (Stable) Ba2 Turkey Credit Rating (Moody's)
19-01-18 BB+ (Stable) BBB- Turkey Credit Rating (Fitch)
21-07-17 BB+ (Stable) BBB- Turkey Credit Rating (Fitch)
17-03-17 Ba1 (Negative) Ba1 Turkey Credit Rating (Moody's)
27-01-17 (Negative) Turkey Credit Rating (S&P)
27-01-17 BB+ (Stable) BBB- Turkey Credit Rating (Fitch)
04-11-16 (Stable) Turkey Credit Rating (S&P)

Turkey Credit Rating Analysis

The credit rating signal from each credit rating agency for the sovereign debt of Turkey and it’s meaning is presented in the table below.

S&PMoody’sFitchAnalysis
AAAAaaAAAPrime
AA+Aa1AA+High grade
AAAa2AA
AA-Aa3AA-
A+A1A+Upper medium grade
AA2A
A-A3A-
BBB+Baa1BBB+Lower medium grade
BBBBaa2BBB
BBB-Baa3BBB-
BB+Ba1BB+Non-investment grade
speculative
BBBa2BB
BB-Ba3BB-
B+B1B+Highly speculative
BB2B
B-B3B-
CCC+Caa1CCCExtremely speculative
CCCCaa2
CCC-Caa3In Default with small probability of recovery
CCCa
CC
D/DDDIn default