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. 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
DBRSBBB(low) Stable Jul 28 2014
Moody'sBaa3 Negative Apr 11 2014
S&PBB+ Negative Feb 07 2014
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&P Moody's Fitch TERating
B+ Stable B1 Stable   35
BBB Stable   BBB Positive 65
B- Stable B1 Negative B Negative 41
B Stable B3 Positive B Stable 15
  B1 Stable B+ Stable 43
BBB+ Positive   BBB- Stable 63
AAA Negative Aaa Stable AAA Stable 97
AA+ Stable Aa1 Negative AA+ Stable 96
BB+ Negative Ba2 Stable BB+ Negative 55
BB+ Stable Baa3 Negative   65
BB- Negative B1 Negative BB+ Negative 60
BB- Stable Ba3 Stable BB- Stable 40
CCC+ Negative Caa3 Stable   53
B- Stable Caa1 Stable B- Positive 25
AA Stable Aa3 Stable AA- Stable 88
B- Stable B3 Stable   25
N/A N/A   N/A N/A 30
A+ Stable A2 Stable N/A N/A 91
BB Negative Ba3 Stable BB- Stable 38
B Stable B3 Stable   28
A- Negative A2 Stable   73
BB Negative Ba2 Negative BB Negative 34
BB+ Positive Baa2 Stable BBB- Positive 53
B Stable     30
N/A N/A B2 Stable   30
B Stable B2 Stable B Stable 30
AAA Stable Aaa Stable AAA Stable 99
B Stable   B Stable 35
  Aa3 Stable   85
A+ Stable Aa3 Negative A Stable 78
A+ Stable A1 Stable A+ Stable 80
BBB Negative Baa2 Stable BBB Stable 52
B- Negative B3 Stable   25
BB- Negative Ba2 Negative BB Stable 50
BB Positive Ba2 Stable BB Stable 45
  Caa2 Positive   20
BB+ Positive Ba3 Positive BB- Positive 36
AA- Stable A1 Stable A+ Positive 81
AAA Stable Aaa Stable AAA Stable 100
BB- Stable Ba3 Stable BB- Stable 36
B- Stable B3 Stable B Negative 29
B- Stable B3 Stable B Stable 28
CC Negative Caa1 Stable CCC N/A 41
AA- Stable A1 Stable A+ Stable 81
B Stable B1 Stable B Stable 31
AA Stable     99
B+ Stable Ba3 Stable   33
AA+ Stable Aa1 Stable AA+ Stable 96
AA Stable Aa2 Stable AA Stable 90
B Stable B3 Negative B+ Negative 40
BB- Stable Ba2 Stable BB- Stable 38
AAA Stable Aaa Stable AAA Stable 100
B- Stable B3 Stable B Stable 31
B- Positive Caa2 Positive B- Positive 10
SD Negative    
BB Negative Ba1 Stable BB Stable 49
BB- Stable B1 Stable   33
AA+ Stable Aa2 Stable AA+ Stable 95
BBB- Positive Baa3 Stable BBB- Stable 47
A Stable A3 Stable A- Positive 55
BBB- Stable Baa3 Positive BBB- Stable 48
BBB- Stable Baa3 Positive BBB- Positive 46
B- Stable Caa1 Stable B- Stable 25
A+ Stable A2 Stable A Stable 70
N/A N/A Aa1 Negative   98
A+ Positive A1 Stable A+ Stable 76
BBB- Stable Baa2 Negative BBB Stable 60
  Ba3 Stable B+ Stable 38
B Stable B3 Stable B Stable 24
A+ Stable A1 Stable A Stable 78
BB- Negative B1 Stable   45
BBB- Stable Baa3 Stable BBB Stable 61
B+ Stable B1 Stable B+ Negative 20
AA Stable Aa2 Stable AA Stable 90
NR N/A B2 Stable   30
A- Positive A3 Stable A- Stable 69
B- Stable B3 Stable B- Stable 31
    B+ Stable 40
AAA Stable     100
A- Positive A3 Stable A- Stable 69
AAA Stable Aaa Stable AAA Stable 100
  Aa3 Stable AA- Stable 88
BB- Stable   BB Negative 48
A- Stable A3 Stable A- Stable 66
  B2 Stable B+ Stable
A- Stable A3 Stable A+ Stable 74
  Baa1 Stable   65
BBB+ Stable A3 Negative BBB+ Stable 60
  B3 Stable   25
B- Stable Caa1 Stable B- Stable 36
B+ Negative B1 Negative   40
BBB- Stable     55
BBB- Stable Ba1 Positive BBB- Stable 54
SD N/A Caa3 Negative CC N/A 30
  Ba1 Negative BBB- Negative 55
AAA Stable Aaa Stable AAA Stable 100
AA Stable Aaa Stable AA Stable 90
B+ Stable B2 Stable B+ Stable 33
B Stable B1 Stable B+ Negative 28
AAA Stable Aaa Stable AAA Stable 99
BB+ Negative Baa2 Negative BBB Negative 78
B Stable B3 Stable B Stable 19
BBB Stable Baa2 Stable BBB Stable 60
B+ Negative B2 Stable   35
BB Stable Ba1 Stable BB Stable 41
BBB+ Positive A3 Stable BBB+ Stable 60
BBB Stable Baa2 Stable BBB- Positive 53
BBB+ Stable A2 Stable A- Stable 67
BBB- Stable Ba1 Positive BB+ Positive 44
D Negative     0
AA- Negative Watch Aa3 Negative AA- Negative 87
CCC+ Stable Caa2 Negative CC N/A 30
BBB- Stable Baa3 Stable BBB- Stable 52
BB+ Positive Ba1 Stable BBB- Positive 43
B Stable B2 Stable B+ Stable 30
    BBB- Stable 65
A- Stable A1 Stable A+ Stable 86
B+ Stable Ba3 Stable   35
BB- Positive Ba3 Stable BB- Stable 36
    BB- Stable 30
AAA Stable Aaa Stable AAA Stable 98
A+ Stable A2 Positive A+ Stable 80
A+ Stable Baa1 Stable A- Stable 61
  B3 Stable   25
BB+ Negative Baa3 Negative BB+ Stable 49
AA Stable Aa2 Stable AA- Stable 84
BBB+ Positive Baa2 Stable BBB+ Positive 62
B+ Negative B1 Negative B+ Stable 38
  B3 Stable   25
B Negative B1 Stable B- Negative 39
AAA Stable Aaa Stable AAA Stable 99
AAA Stable Aaa Stable AAA Stable 100
AA- Stable Aa3 Stable AA- Stable 82
B- Stable B3 Stable  
BBB+ Stable Baa1 Stable BBB+ Stable 63
BBB+ Stable Ba1 Stable   68
BB- Negative B1 Negative B+ Stable 44
BB Negative Ba1 Negative BB+ Stable 44
B Stable B2 Stable B+ Stable 33
B- Stable Caa2 Positive B- Stable 15
AA Stable Aa2 Stable AA Stable 90
AA Negative Aa2 Stable AA Negative 95
AA+ Stable Aaa Stable AAA Stable 97
BBB Stable Baa2 Stable BBB- Stable 56
CCC- Negative CC N/A CCC N/A 5
BB- Stable B1 Positive BB- Positive 29
B Stable B3 Negative B Negative 34


Ratings

The Trading Economics credit rating (TE Rating) scores 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

TE S&P Moody's Fitch  
100 AAA Aaa AAA Prime
95 AA+ Aa1 AA+ High grade
90 AA Aa2 AA
85 AA- Aa3 AA-
80 A+ A1 A+ Upper medium grade
75 A A2 A
70 A- A3 A-
65 BBB+ Baa1 BBB+ Lower medium grade
60 BBB Baa2 BBB
55 BBB- Baa3 BBB-
50 BB+ Ba1 BB+ Non-investment grade
speculative
45 BB Ba2 BB
40 BB- Ba3 BB-
35 B+ B1 B+ Highly speculative
30 B B2 B
25 B- B3 B-
20 CCC+ Caa1 CCC Substantial risks
15 CCC Caa2 Extremely speculative
10 CCC- Caa3 In default with little
prospect for recovery
  CC Ca
5 C C
0 D / DDD In default
/ DD
D