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TÜRK TELEKOM GROUP
Investing in Türk Telekom

Credit Rating of Turkey

Credit Rating of Turkey

Developments in the Foreign Currency Credit Rating of Turkey

  Standard & Poor's Moody's Fitch
YE 2004 BB- (stable) B1 (stable) B+ (positive)
13.01.2005     BB- (stable)
11.02.2005   B1 (positive)  
06.12.2005     BB- (positive)
14.12.2005   Ba3 (stable)  
YE 2005 BB- (stable) Ba3 (stable) BB- (positive)
23.01.2006 BB- (positive)    
27.06.2006 BB- (stable)    
YE 2006 BB- (stable) Ba3 (stable) BB- (positive)
10.05.2007     BB- (stable)
YE 2007 BB- (stable) Ba3 (stable) BB- (stable)
03.04.2008 BB- (negative)    
31.07.2008 BB- (stable)    
13.11.2008 BB- (negative)    
YE 2008 BB- (negative) Ba3 (stable) BB- (stable)
17.09.2009 BB- (stable)    
18.09.2009   Ba3 (positive)  
03.12.2009     BB+ (stable)
YE 2009 BB- (stable) Ba3 (positive) BB+ (stable)
08.01.2010   Ba2 (stable)  
19.02.2010 BB (positive)    
05.10.2010   Ba2 (positive)  
24.11.2010     BB+ (positive)
YE 2010 BB (positive) Ba2 (positive) BB+ (positive)
23.11.2011     BB+ (stable)
YE 2011 BB (positive) Ba2 (positive) BB+ (stable)
01.05.2012 BB (stable)    
20.06.2012   Ba1 (positive)  
05.11.2012     BBB- (stable)
YE 2012 BB (stable) Ba1 (positive) BBB- (stable)
27.03.2013 BB+ (stable)    
16.05.2013   Baa3 (stable)  
24.10.2013     BBB- (stable)
YE 2013 BB+ (stable) Baa3 (stable) BBB- (stable)
07.02.2014 BB+ (negative)    
11.04.2014   Baa3 (negative)  
YE 2014 BB+ (negative) Baa3 (negative) BBB- (stable)
YE 2015 BB+ (negative) Baa3 (negative) BBB- (stable)
06.05.2016 BB+ (stable)
20.07.2016 BB (negative)
19.08.2016 BBB -(negative)
23.09.2016 Ba1 (stable)
04.11.2016 BB(stable)
Current BB(stable) Ba1 (stable) BBB- (negative)

Source: Turkish Treasury, Bloomberg


Moodys S & P Fitch
Investment Grade
Aaa AAA AAA
Aa1 AA+ AA+
Aa2 AA AA
Aa1 AA- AA-
A1 A+ A+
A2 A A
A3 A- A-
Baa1 BBB+ BBB+
Baa2 BBB BBB
Baa3 BBB- BBB-
Speculative grade
Ba1 BB+ BB+
Ba2 BB BB
Ba3 BB- BB-
B1 B+ B+
B2 B B
B3 B- B-
Caa1 CCC+ CCC+
Caa2 CCC CCC
Caa3 CCC- CCC-
Ca CC CC
C C+,C,C- C+,C,C-
  D D
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