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Credit Rating

On June 3,2014 Fitch Ratings published Turk Telekom’s “BBB-“ Rating and affirmed this rating on 27 June,2016. Fitch Ratings changed Turk Telekom’s rating outlook as Negative on 25th of August,2016 after they downgraded Turkey’s outlook to Negative on 19th August,2016. On February 1, 2017, Fitch Ratings reviewed our company’s corporate rating and outlook following the downgrade of Turkey's government debt rating. As a result of this review, Fitch Ratings affirmed our Long-term Foreign and Local Currency Issuer Default Ratings of "BBB-" (investment grade) with negative outlook, and our senior unsecured rating of "BBB-".

On June 4,2014 Turk Telekom assigned BB+ Rating by S&P Global Ratings. S&P upgraded Turk Telekom on July 23,2014 due to improvement in Turk Telekom's liquidity position following issuance of a debut US$1 billion bond and affirmed this rating on 10 August, 2015. S&P Global Ratings upgraded the Outlook from Negative to Stable on May 11,2016. Lastly , S&P Global Ratings changed Turk Telekom’s rating outlook as Negative on 22nd of July,2016 after they downgraded Turkey’s credit note from BB+ to BB on 20th July,2016. S&P Global affirmed its rating and Outlook for Turk Telekom in its 19 August 2016 dated annual review report. On November 10, 2016, S&P Global Ratings revised our company’s long term foreign currency corporate rating outlook from “negative” to “stable”, while affirming the corporate rating of “BBB-” (investment grade). The outlook revision is driven by the revision in sovereign outlook. On February 1, 2017, S&P Global Ratings revised our company's long term corporate rating outlook from "stable" to "negative", while affirming the corporate rating of "BBB-" (investment grade). The outlook revision is driven by the revision in sovereign outlook. The corporate credit ratings are as follows:

Fitch S&P Global Ratings
Last update February 1, 2017 February 1, 2017
Long Term Rating BBB- BBB-
Outlook Negative Negative

Fitch Ratings

Fitch Ratings Date PDF
Press Release - Fitch Ratings Rating and Outlook Affirmation February 1, 2017
Press Release - Fitch Ratings Outlook Revision August 25,2016
Press Release - Fitch Ratings Annual Review June 27,2016
Press Release - Fitch Ratings Annual Review June 30,2015
Press Release - Fitch Initiation Rating Note June 3,2014

S&P Global Ratings

S&P Global Ratings Date
Press Release – S&P Global Ratings Outlook Review February 1, 2017
Press Release – S&P Global Ratings Outlook Review November 10,2016
Press Release – S&P Global Ratings Annual Review August 19,2016
Press Release - S&P Global Ratings Outlook Revision July 22, 2016
Press Release- S&P Global Ratings Outlook Revision May 11, 2016
Press Release – S&P Global Ratings Review August 10, 2015
Press Release – S&P Global Ratings Upgrading Rating Note July 24, 2014
Press Release- S&P Global Ratings Initiation Rating Note June 4,2014

It shall be noted that these ratings can be revised, suspended or removed by the respective rating agency at any time.

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