Turkey Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Ba3 Stable | B Positive | BB- Positive | BB (high) Negative | BB- Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Jan 23, 2026 | Fitch | B+ | Positive | BB- | Positive | |
| Jul 25, 2025 | Moody's | B2 | Negative | Ba3 | Stable | |
| Dec 06, 2024 | Scope Ratings | B | Positive | BB- | Stable | |
| Jun 28, 2024 | Scope Ratings | B- | Positive | B | Positive | |
| Apr 26, 2024 | Scope Ratings | B- | Stable | B- | Positive | |
| Mar 08, 2024 | Fitch | B | Negative | B+ | Positive | |
| Jan 14, 2024 | Scope Ratings | B- | Negative | B- | Stable | |
| Nov 30, 2023 | S&P | B | Stable | B | Positive | |
| Sep 29, 2023 | S&P | B | Stable | B | Stable | |
| Sep 30, 2022 | S&P | B+ | Negative | B | Stable | |
| Jul 08, 2022 | Fitch | B+ | Negative | B | Negative | |
| Mar 11, 2022 | Scope Ratings | B | Negative | B- | Negative | |
| Feb 12, 2022 | Fitch | BB- | Negative | B+ | Negative | |
| Dec 10, 2021 | S&P | B+ | Stable | B+ | Negative | |
| Dec 02, 2021 | Fitch | BB- | Stable | BB- | Negative | |
| Feb 19, 2021 | Fitch | BB- | Negative | BB- | Stable | |
| Nov 06, 2020 | Scope Ratings | B+ | Stable | B | Negative | |
| Sep 11, 2020 | Moody's | B1 | Negative | B2 | Negative | |
| Aug 21, 2020 | Fitch | BB- | Stable | BB- | Negative | |
| Jul 10, 2020 | Scope Ratings | BB- | Negative | B+ | Stable |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Turkey’s current credit rating?
Turkey’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Turkey’s credit risk.
Has Turkey’s credit rating changed recently?
This page lists the latest rating and outlook actions for Turkey, showing when each agency last reviewed or changed its assessment.
Why does Turkey’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Turkey's bond yields, currency, and equity flows as investors reassess risk.
How does Turkey’s rating compare to other countries?
You can explore how Turkey ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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