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.

DateRatingOutlookIndicator
30-11-23B (Positive)Turkey Credit Rating (S&P)
29-09-23B (Stable)Turkey Credit Rating (S&P)
31-03-23B (Negative)Turkey Credit Rating (S&P)
30-09-22B (Stable)Turkey Credit Rating (S&P)
12-08-22B3 (Stable)B3Turkey Credit Rating (Moody's)
08-07-22B (Negative)BTurkey Credit Rating (Fitch)
01-04-22B+Turkey Credit Rating (S&P)
11-02-22B+ (Negative)B+Turkey Credit Rating (Fitch)
10-12-21B+ (Negative)BB-Turkey Credit Rating (S&P)
03-12-21B2 (Negative)B2Turkey Credit Rating (Moody's)
11-09-20B2 (Negative)B2Turkey Credit Rating (Moody's)
21-02-20BB-BB-Turkey Credit Rating (Fitch)
01-11-19BB-BB-Turkey Credit Rating (Fitch)
12-07-19BB-BB-Turkey Credit Rating (Fitch)
14-06-19B1 (Negative)B1Turkey Credit Rating (Moody's)
03-05-19BBBB+Turkey Credit Rating (Fitch)
14-12-18BBBB+Turkey Credit Rating (Fitch)
17-08-18B+ (Stable)BB-Turkey Credit Rating (S&P)
17-08-18Ba3 (Negative)Ba3Turkey Credit Rating (Moody's)
13-07-18BB (Negative)BB+Turkey Credit Rating (Fitch)
01-06-18Ba2 (Under Review)Ba2Turkey Credit Rating (Moody's)
01-05-18BB- (Stable)BBTurkey Credit Rating (S&P)
07-03-18Ba2 (Stable)Ba2Turkey Credit Rating (Moody's)
19-01-18BB+ (Stable)BBB-Turkey Credit Rating (Fitch)
21-07-17BB+ (Stable)BBB-Turkey Credit Rating (Fitch)

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