Standard & Poor's credit rating for Turkey stands at B+ with stable outlook. Moody's credit rating for Turkey was last set at Ba3 with negative outlook. Fitch's credit rating for Turkey was last reported at BB with negative 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
S&PB+ Stable Aug 17 2018
Moody'sBa3 Negative Aug 17 2018
TE43 Stable Aug 17 2018
TE43 Stable Aug 17 2018
FitchBB Negative Jul 13 2018
TE45 Stable Jul 13 2018
TE45 Stable Jul 13 2018
Moody'sBa2 Under Review Jun 01 2018
TE45 Stable Jun 01 2018
TE45 Stable Jun 01 2018
S&PBB- Stable May 01 2018
TE46 Negative May 01 2018
TE46 Negative May 01 2018
Moody'sBa2 Stable Mar 07 2018
TE48 Negative Mar 07 2018
TE48 Negative Mar 07 2018
Moody'sBa1 Negative Mar 17 2017
TE48 Negative Mar 17 2017
TE48 Negative Mar 17 2017
S&PBB Negative Jan 27 2017
FitchBB+ Stable Jan 27 2017
TE50 Stable Jan 27 2017
TE50 Stable Jan 27 2017
S&PBB Stable Nov 04 2016
TE50 Negative Nov 04 2016
TE50 Negative Nov 04 2016
Moody'sBa1 Stable Sep 23 2016
TE51 Negative Sep 23 2016
TE51 Negative Sep 23 2016
FitchBBB- Negative Aug 19 2016
TE51 Negative Aug 19 2016
TE51 Negative Aug 19 2016
TE51 Negative Jul 21 2016
DBRSBB (high) Negative Jul 21 2016
TE51 Negative Jul 21 2016
S&PBB Negative Jul 20 2016
TE53 Stable Jul 20 2016
TE53 Stable Jul 20 2016
Moody'sBaa3 Negative Watch Jul 18 2016
TE53 Stable Jul 18 2016
TE53 Stable Jul 18 2016
S&PBB+ Stable May 06 2016
TE53 Negative May 06 2016
TE53 Negative May 06 2016
TE44 Negative Apr 16 2016
TE53 Negative Apr 16 2016
TE53 Negative Apr 16 2016
TE53 Negative Jul 28 2014
TE53 Negative Jul 28 2014
TE53 Negative Apr 22 2014
TE53 Negative Apr 22 2014
Moody'sBaa3 Negative Apr 11 2014
TE53 Negative Apr 11 2014
TE53 Negative Apr 11 2014
TE53 Negative Mar 21 2014
TE53 Negative Mar 21 2014
S&PBB+ Negative Feb 07 2014
TE53 Stable Feb 07 2014
TE53 Stable Feb 07 2014
TE53 Stable Oct 15 2013
TE53 Stable Oct 15 2013
TE53 Stable Jul 18 2013
TE53 Stable Jul 18 2013
TE53 Stable Jun 10 2013
TE53 Stable Jun 10 2013
DBRSBBB (low) Stable May 23 2013
TE53 Stable May 23 2013
TE53 Stable May 23 2013
Moody'sBaa3 Stable May 16 2013
TE51 Stable May 16 2013
TE51 Stable May 16 2013
S&PBB+ Stable Mar 27 2013
TE50 Stable Mar 27 2013
TE50 Stable Mar 27 2013
FitchBBB- Stable Nov 05 2012
TE48 Stable Nov 05 2012
TE48 Stable Nov 05 2012
Moody'sBa1 Positive Jun 20 2012
TE46 Stable Jun 20 2012
TE46 Stable Jun 20 2012
S&PBB Stable May 01 2012
TE46 Positive May 01 2012
TE46 Positive May 01 2012
TE46 Positive Nov 28 2011
TE46 Positive Nov 28 2011
FitchBB+ Stable Nov 23 2011
TE46 Positive Nov 23 2011
TE46 Positive Nov 23 2011
TE46 Positive Aug 05 2011
TE46 Positive Aug 05 2011
TE46 Positive Aug 02 2011
TE46 Positive Aug 02 2011
TE46 Positive Jul 14 2011
TE46 Positive Jul 14 2011
TE46 Positive Jul 13 2011
TE46 Positive Jul 13 2011
TE46 Positive Apr 18 2011
TE46 Positive Apr 18 2011
FitchBB+ Positive Nov 24 2010
TE46 Positive Nov 24 2010


 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 60
B- B3 B 28
B B2 B B 31
B1 B+ 35
BBB+ BBB- 60
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 50
BB+ Baa3 52
B+ B2 BB- 36
BB- Ba3 BB- 40
SD Caa3 15
B B3 B 26
AA Aa3 AA- AA (high) 88
B- B3 20
B+ N/A 30
A+ A2 N/A 78
BB- Ba3 BB- 41
B B3 28
A- A2 72
BB- Ba2 BB- BB (low) 42
BBB- Baa2 BBB 58
B 25
N/A B2 30
B B2 B 30
AAA Aaa AAA AAA 99
B B 30
Aa3 85
A+ A1 A N/A 80
A+ A1 A+ A (high) 81
BBB- Baa2 BBB BBB 58
CCC+ B3 22
BB- Ba2 BB 43
BB+ Ba2 BB+ 48
Caa2 15
BBB- Ba2 BBB- BB 48
AA- A1 AA- 81
AAA Aaa AAA AAA 100
BB- Ba3 BB- 38
B- B3 B- 26
B B3 B 28
CCC+ B3 B- 21
AA- A1 AA- AA (low) 81
B B1 B 31
AA Aaa AAA AAA 98
B+ Ba3 35
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AAA 92
N/A Caa1 B 26
BB- Ba2 BB- 41
AAA Aaa AAA AAA 100
B B3 B 26
B+ B3 BB- B (high) 30
SD
BB- Ba1 BB 46
BB- B1 35
AA+ Aa2 AA+ 95
BBB- Baa3 BBB- 55
A A3 A 73
BBB- Baa2 BBB- BBB 56
BBB- Baa2 BBB 56
B- Caa1 B- 25
A+ A2 A+ A (high) 76
N/A Aa2 92
AA- A1 A+ 80
BBB Baa3 BBB BBB (high) 62
Ba3 B+ 38
B B3 B 28
A+ A1 A A 77
B+ B1 37
BBB- Baa3 BBB 56
B+ B2 B+ 35
AA Aa2 AA 90
NR B2 30
A A3 A- A (low) 70
B- B3 B- 28
B+ 35
AAA 100
A A3 A- A (low) 71
AAA Aaa AAA AAA 100
Aa3 AA 85
BB- BB 42
A- A3 A- 70
B2 B+ 32
A- A3 A+ A (high) 73
Baa1 65
BBB+ A3 BBB+ BBB (high) 65
B3 25
B B3 B 26
B+ B1 35
BBB- 55
BBB- Ba1 BBB- 53
SD Caa3 RD 12
Ba1 BB+ 52
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B2 B 30
B B2 B+ 31
AAA Aaa AAA AAA 99
BB Baa3 BBB- 53
B B3 B 28
BBB Baa2 BBB 60
B B2 32
BB Ba1 BB 46
BBB+ A3 BBB+ N/A 65
BBB Baa2 BBB 60
A- A2 A- A 71
BBB- Baa3 BBB BBB 56
D 0
AA- Aa3 AA- 85
B- Caa2 CC 23
BBB- Baa3 BBB- 55
BBB- Ba1 BBB- 51
B B2 B+ 31
BBB- 55
A- A1 A+ 78
B+ Ba3 37
BB Ba3 BB 38
BB- 40
AAA Aaa AAA AAA 98
A+ A2 A+ A (high) 78
A+ Baa1 A- A 72
B3 25
BB Baa3 BB+ 50
AA Aa2 AA- 86
A- Baa1 A- A 68
B+ B1 B+ 35
B3 25
B B2 B- 28
B2
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3
B1
BBB+ Baa1 BBB+ 65
BBB+ Ba1 57
N/A B2 B+ 35
B+ Ba3 BB BB (high) 43
B B2 B+ 33
B- Caa2 B- 20
AA Aa2 AA 90
AA Aa2 AA AAA 93
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
SD C RD 12
BB- Ba3 BB 40
B- Caa1 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


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