Turkey | Credit Rating

Standard & Poor's credit rating for Turkey stands at BB with negative outlook. Moody's credit rating for Turkey was last set at Ba1 with negative outlook. Fitch's credit rating for Turkey was last reported at BB+ with stable outlook. DBRS's credit rating for Turkey is BB (high) with negative outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Turkey thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Turkey as reported by major credit rating agencies.



AgencyRatingOutlookDate
Moody'sBa1 Negative Mar 17 2017
S&PBB Negative Jan 27 2017
FitchBB+ Stable Jan 27 2017
S&PBB Stable Nov 04 2016
Moody'sBa1 Stable Sep 23 2016
FitchBBB- Negative Aug 19 2016
DBRSBB (high) Negative Jul 21 2016
S&PBB Negative Jul 20 2016
Moody'sBaa3 Negative Watch Jul 18 2016
S&PBB+ Stable May 06 2016
TE44 Negative Apr 16 2016
Moody'sBaa3 Negative Apr 11 2014
S&PBB+ Negative Feb 07 2014
DBRSBBB (low) Stable May 23 2013
Moody'sBaa3 Stable May 16 2013
S&PBB+ Stable Mar 27 2013
FitchBBB- Stable Nov 05 2012
Moody'sBa1 Positive Jun 20 2012
S&PBB Stable May 01 2012
FitchBB+ Stable Nov 23 2011
FitchBB+ Positive Nov 24 2010
Moody'sBa2 Positive Oct 05 2010
S&PBB Positive Feb 19 2010
Moody'sBa2 Stable Jan 08 2010
FitchBB+ Stable Dec 03 2009
FitchBB- Positive Watch Oct 27 2009
Moody'sBa3 Positive Sep 18 2009
S&PBB- Stable Sep 17 2009
S&PBB- Negative Nov 13 2008
S&PBB- Stable Jul 31 2008
S&PBB- Negative Apr 03 2008
FitchBB- Stable May 09 2007
S&PBB- Stable Jun 27 2006
S&PBB- Positive Jan 23 2006
Moody'sBa3 Stable Dec 14 2005
FitchBB- Positive Dec 06 2005
Moody'sB1 Positive Feb 11 2005
FitchBB- Stable Jan 13 2005
FitchB+ Positive Aug 25 2004
S&PBB- Stable Aug 17 2004
S&PB+ Positive Mar 08 2004
FitchB+ Stable Feb 09 2004
Moody'sB1 Stable Oct 21 2003
S&PB+ Stable Oct 16 2003
FitchB Positive Sep 25 2003
FitchB- Positive Aug 06 2003
S&PB Stable Jul 28 2003
FitchB- Negative Mar 25 2003
S&PB- Stable Nov 07 2002
Moody'sB1 Negative Jul 10 2002
S&PB- Negative Jul 09 2002
S&PB- Stable Jun 26 2002
FitchB Stable Feb 05 2002
S&PB- Positive Jan 29 2002
Moody'sB1 Stable Jan 15 2002
S&PB- Stable Nov 30 2001
FitchB Negative Aug 02 2001
S&PB- Negative Jul 11 2001
S&PB- Stable Apr 27 2001
S&PB- Negative Watch Apr 17 2001
Moody'sB1 Negative Apr 06 2001
FitchB+ Negative Watch Apr 02 2001
S&PB Negative Watch Feb 23 2001
FitchBB- Negative Watch Feb 22 2001
Moody'sB1 Stable Feb 21 2001
S&PB+ Negative Watch Feb 21 2001
S&PB+ Stable Dec 05 2000
FitchBB- Stable Sep 21 2000
FitchBB- Stable Sep 21 2000
Moody'sB1 Positive Watch Jul 24 2000
FitchBB- N/A Apr 27 2000
S&PB+ Positive Apr 25 2000
FitchB+ Positive Watch Apr 10 2000
S&PB Positive Dec 10 1999
Moody'sB1 Positive Nov 30 1999
S&PB Stable Jan 21 1999
S&PB Positive Aug 11 1998
Moody'sB1 Stable Mar 13 1997
Moody'sBa3 Negative Watch Jan 09 1997
FitchB+ N/A Dec 20 1996
S&PB Stable Dec 13 1996
FitchBB- Negative Watch Jul 29 1996
S&PB+ Negative Watch Jul 17 1996
S&PB+ Stable Oct 18 1995
FitchBB- N/A Sep 26 1995
S&PB+ Positive Jul 24 1995
S&PB+ Stable Aug 16 1994
FitchB N/A Aug 10 1994
Moody'sBa3 Stable Jun 02 1994
S&PB+ Negative Watch Apr 29 1994
S&PBB Negative Watch Mar 22 1994
S&PBBB- Negative Jan 14 1994
Moody'sBa1 Stable Jan 13 1994
S&PBBB Negative May 03 1993
Moody'sBaa3 Stable May 05 1992
S&PBBB Stable May 04 1992


 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB 65
B- B2 B 41
B+ B2 B B 15
B1 B+ 43
BBB+ BBB- 63
AAA Aaa AAA AAA 97
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 55
BB+ Baa3 65
B+ B1 BB+ 60
BB- Ba3 BB- 40
CCC+ Caa3 53
B Caa1 B- 25
AA Aa3 AA- AA (high) 88
B- B3 25
N/A N/A 30
A+ A2 N/A 91
BB Ba3 BB- 38
B B3 28
A- A2 73
BB Ba2 BB BB 34
BBB- Baa2 BBB 53
B 30
N/A B2 30
B B2 B 30
AAA Aaa AAA AAA 99
B B 35
Aa3 85
A+ Aa3 A N/A 78
A+ A1 A+ A (high) 80
BBB- Baa2 BBB BBB 52
CCC+ B3 25
BB- Ba2 BB 50
BB Ba2 BB 45
Caa2 20
BB+ Ba3 BB BB (low) 36
AA- A1 A+ 81
AAA Aaa AAA AAA 100
BB- Ba3 BB- 36
B- B3 B 29
B- B3 B 28
CCC+ Caa1 B- 41
AA- A1 A+ AA (low) 81
B B1 B 31
AA AAA 99
B+ Ba3 33
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AAA 90
N/A B3 B 40
BB- Ba2 BB- 38
AAA Aaa AAA AAA 100
B- B3 B 31
B- Caa2 B- CCC (high) 10
SD
BB- Ba1 BB 49
BB- B1 33
AA+ Aa2 AA+ 95
BBB- Baa3 BBB- 47
A A3 A 55
BBB- Baa2 BBB- BBB 48
BBB- Baa3 BBB- 46
B- Caa1 B- 25
A+ A2 A+ A (high) 70
N/A Aa2 98
A+ A1 A+ 76
BBB Baa2 BBB BBB (high) 60
Ba3 B+ 38
B B3 B 24
A+ A1 A A 78
B+ B1 45
BBB- Baa3 BBB 61
B+ B1 B+ 20
AA Aa2 AA 90
NR B2 30
A- A3 A- A (low) 69
B- B3 B- 31
B+ 40
AAA 100
A- A3 A- A (low) 69
AAA Aaa AAA AAA 100
Aa3 AA- 88
BB- BB 48
A- A3 A- 66
B2 B+
A- A3 A+ A 74
Baa1 65
BBB+ A3 BBB+ BBB (high) 60
B3 25
B- Caa1 B- 36
B+ B1 40
BBB- 55
BBB- Ba1 BBB- 54
SD Caa3 CC 30
Ba1 BB+ 55
AAA Aaa AAA AAA 100
AA Aaa AA 90
B+ B2 B+ 33
B B2 B+ 28
AAA Aaa AAA AAA 99
BB Baa2 BBB- 78
B B3 B 19
BBB Baa2 BBB 60
B+ B2 35
BB Ba1 BB 41
BBB+ A3 BBB+ N/A 60
BBB Baa2 BBB 53
BBB+ A2 A- A 67
BBB- Ba1 BBB BBB (low) 44
D 0
AA- Aa3 AA- 87
CCC+ B3 CC 30
BBB- Baa3 BBB- 52
BB+ Ba1 BBB- 43
B B2 B+ 30
BBB- 65
A- A1 A+ 86
B+ Ba3 35
BB- Ba3 BB 36
BB- 30
AAA Aaa AAA AAA 98
A+ A2 A+ A (high) 80
A+ Baa1 A- A 61
B3 25
BB Baa3 BB+ 49
AA Aa2 AA- 84
BBB+ Baa2 BBB+ A (low) 62
B+ B1 B+ 38
B3 25
B B1 B- 39
B2
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 82
B- B3
BBB+ Baa1 BBB+ 63
BBB+ Ba1 68
BB- B1 B+ 44
BB Ba1 BB+ BB (high) 44
B B2 B+ 33
B- Caa2 B- 15
AA Aa2 AA 90
AA Aa2 AA AAA 95
AA+ Aaa AAA AAA 97
BBB Baa2 BBB- BBB (low) 56
SD Caa3 RD 5
BB- B1 BB- 29
B B3 B 34


Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com