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&P | Moody’s | Fitch | Analysis |
| AAA | Aaa | AAA | Prime |
| AA+ | Aa1 | AA+ | High grade |
| AA | Aa2 | AA | |
| AA- | Aa3 | AA- | |
| A+ | A1 | A+ | Upper medium grade |
| A | A2 | A | |
| A- | A3 | A- | |
| BBB+ | Baa1 | BBB+ | Lower medium grade |
| BBB | Baa2 | BBB | |
| BBB- | Baa3 | BBB- | |
| BB+ | Ba1 | BB+ | Non-investment grade speculative |
| BB | Ba2 | BB | |
| BB- | Ba3 | BB- | |
| B+ | B1 | B+ | Highly speculative |
| B | B2 | B | |
| B- | B3 | B- | |
| CCC+ | Caa1 | CCC | Extremely speculative |
| CCC | Caa2 | ||
| CCC- | Caa3 | In Default with small probability of recovery | |
| CC | Ca | ||
| C | C | ||
| D | / | DDD | In default |