Turkey credit rating: Fitch, Moody's, S&P decisions by date

Short answer: As of 6 November 2026, Turkey's credit rating is BB- with a stable outlook at Fitch and S&P and Ba3 with a stable outlook at Moody's, three notches below investment grade. The latest decisions found are Fitch's affirmation of 17 July 2026, S&P's of 17 April 2026 and Moody's of 23 January 2026; Moody's took no rating action on its 24 July 2026 date. A rating is an agency's opinion on credit risk, not a reason to buy or sell, and this guide does not predict the next action.

The Treasury's Credit Ratings page shows the current letters without decision dates, and two data pages that rank for this search showed incomplete or outdated histories when checked on 6 November 2026. This guide adds the dates, the history since 2024 and a way to keep the table current.

Dates below come from the Republic of Türkiye's own prospectus supplements filed with the US SEC, which state each agency's action in writing. Of the agencies' own pages, Moody's 2025 upgrade release and JCR's rating page opened on 6 November 2026, while Fitch's and S&P's did not, so read their releases for the full reasoning. Market pricing of the same risk is in Turkey CDS; lists that get mixed up with ratings are in Turkey country risk.

Turkey credit rating today: Fitch, Moody's, S&P and JCR

Fitch and S&P rate Türkiye BB- and Moody's rates it Ba3, all with a stable outlook, and those three grades are equivalent on the scale.

The Treasury's page, read on 6 November 2026, matches the first three rows and gives no decision dates; its data feed carries a last-modified stamp of 14 April 2026, four days after Fitch's last outlook change. Reasons appear in the Republic's September 2026 filing: it quotes Fitch's constraints as including a record of very high inflation and weak governance, and it reports S&P's view on the energy price shock. These are the agencies' opinions, repeated in the filing.

Turkey sovereign rating upgrades: dated history since 2024

The last upgrade from any of the three agencies was Moody's move to Ba3 on 25 July 2025, and none is recorded since, as of 6 November 2026.

Three things stand out for anyone reading headlines. Fitch's two 2026 outlook changes left the rating at BB-. A scheduled date can pass with nothing published, as S&P's did on 17 October 2025. And Moody's July 2026 periodic review was not a rating action: the filing reports Moody's saying so. This table is history only: it says nothing about the next decision, and no forecast is offered here.

What BB- and Ba3 mean on the rating scale

BB- and Ba3 sit three steps below the lowest investment grade, in the band agencies call speculative or sub-investment grade.

The notch pairs follow the usual convention. EU Implementing Regulation 2016/1799 maps whole categories instead: BB at Fitch and S&P and Ba at Moody's sit at credit quality step 4, BBB and Baa at step 3. The Republic's own prospectus describes its long-term foreign currency debt as sub-investment grade by four rating organizations.

The line has practical uses in rules written by others. Under the Basel Framework's standardised approach (CRE20.7, read 6 November 2026), a sovereign exposure rated BBB+ to BBB- carries a 50% risk weight, while BB+ to B- carries 100%. National rules and mandates vary, so check the text that binds you.

Turkey sovereign rating outlook: what it does and does not say

An outlook is an agency's opinion on the likely direction of a rating, not a rating change and not a promise.

EU Regulation 462/2013 defines a rating outlook as an opinion on the likely direction of a rating over the short term, the medium term or both. Türkiye shows how it behaves in practice: on 23 January 2026 Fitch moved the outlook to positive, and on 10 April 2026 it moved it back to stable, with the rating at BB- throughout. The Republic's April filing repeats Fitch's explanation, which pointed to a fall in international reserves.

So a positive outlook does not mean an upgrade is coming, and a stable one does not rule out a change. Read it as a dated opinion with the reasons in the agency's release.

When the next Turkey rating decision can come

Agencies publish sovereign dates in advance, and each date is a slot for a possible publication rather than a promised decision.

Turkish rules follow the EU's model. Article 26(7) of the Capital Markets Board's rating communiqué (Serial VIII, No. 51) sets out:

• Calendar. By the end of each December, agencies announce next year's dates on their websites and through data distributors, and send them to the Board.
• Day. Announcements are in principle made on Fridays.
• Timing. On the announced date, at least one hour before the exchange's first session opens or after the last session closes.
• Limit. At most three rating or outlook announcements a year for unsolicited ratings.
• Exceptions. Necessary or urgent cases may fall outside the calendar, and the reason for the change of date must be published.

EU Regulation 462/2013 sets a similar framework: Friday dates, at most three a year for unsolicited sovereign ratings, and publication after EU trading venues close and at least one hour before they open. Every Fitch, Moody's and S&P date in this guide is a Friday.

Fitch's 10 April action came before the date the filing gave. Fitch's own page could not be read, so this guide does not label that action unscheduled. No 2027 dates were found when this was checked on 6 November 2026; the communiqué requires them by the end of each December.

How to keep a Turkey credit rating table current

Store the date, the action and the source for each agency yourself, because the official page keeps only the current letters.

1. Check each agency's rating action page after a scheduled date.
2. Record one of these values: upgrade, downgrade, affirmed, outlook change, no action, no update published.
3. Keep the previous rating and outlook, and whether the entry is solicited.
4. Cross-check against the next prospectus supplement on the Republic's SEC filing list, which states actions in plain words.
5. Do not treat a missing Friday headline as a decision.

The Treasury's page runs on a JSON feed that the code below reads. The feed is what the site's own page calls; it is not a documented API and it may change, so call it rarely. The code stops with a message, instead of printing a partial table, when the reply is empty, an error, not JSON, more than one page or a changed table, or when the host cannot be reached. It ran on Python 3.11 on 6 November 2026; those failure paths were tested with synthetic replies, a 404 and an unknown host.

import html, http.client, json, re, sys, urllib.request

URL = "https://en.hmb.gov.tr/portal/v2//pages?slug=credit-ratings"

def cell_text(cell):
    return html.unescape(re.sub(r"<[^>]+>", "", cell)).strip()

def parse(data):
    if not (isinstance(data, list) and len(data) == 1 and isinstance(data[0], dict)):
        raise ValueError(f"unexpected reply: {str(data)[:120]}")
    content = data[0].get("content")
    body = content.get("rendered") if isinstance(content, dict) else None
    body = body if isinstance(body, str) else ""
    rows = [[cell_text(c) for c in re.findall(r"<t[dh][^>]*>(.*?)</t[dh]>", tr, flags=re.S)]
            for tr in re.findall(r"<tr[^>]*>(.*?)</tr>", body, flags=re.S)]
    ok = len(rows) > 1 and rows[0][-1:] == ["Outlook"] and all(len(r) == 3 for r in rows)
    if not ok:
        raise ValueError(f"table layout changed: {rows[:2]}")
    return data[0].get("modified", "?"), rows[1:]  # rows[0] is the header

try:
    req = urllib.request.Request(URL, headers={"User-Agent": "Mozilla/5.0"})
    with urllib.request.urlopen(req, timeout=30) as resp:  # raises on HTTP 4xx/5xx
        modified, rows = parse(json.load(resp))
except (OSError, ValueError, http.client.HTTPException) as exc:
    sys.exit(f"ratings page not read: {exc}")

print("page modified:", modified)
for agency, rating, outlook in rows:
    print(f"{agency:<10} {rating:<6} {outlook}")

Output on 6 November 2026:

page modified: 2026-04-14T10:12:09
Fitch      BB-    Stable
Moody’s    Ba3    Stable
S&P        BB-    Stable

An alert on a change in that stamp tells you the page moved, not when a decision was taken. What a rating feeds into is covered elsewhere: Turkish government bonds and eurobonds for how the Treasury borrows, Turkey interest rate for policy, and MSCI Turkey index freeze for a separate index-provider decision.

Frequently asked questions

What is Turkey's credit rating now?

As of 6 November 2026: Fitch BB- stable, Moody's Ba3 stable and S&P BB- stable. Decisions can change these on any scheduled date or, in urgent cases, outside the calendar, so check the date beside any figure.

Is Turkey investment grade?

No. BB- and Ba3 are three notches below the lowest investment grade, BBB- at S&P and Fitch and Baa3 at Moody's. The Republic's own prospectus describes its long-term foreign currency debt as sub-investment grade.

When was Turkey last upgraded?

Among the three main agencies, Moody's upgraded Türkiye to Ba3 from B1 on 25 July 2025. S&P's last upgrade was on 1 November 2024 and Fitch's on 6 September 2024. This is history, not a guide to the next decision.

Is BB- the same as Ba3?

By the usual convention they are equivalent steps on different scales: S&P and Fitch use plus and minus signs, and Moody's uses the numbers 1, 2 and 3, so BB+ matches Ba1, BB matches Ba2 and BB- matches Ba3. EU mapping rules work by category only, placing all of BB and Ba at the same credit quality step.

Why did S&P say nothing on its scheduled date?

A calendar date allows a publication but does not require one. The Republic's filings say S&P elected not to publish an update on 17 October 2025, and a Foreks report says the same happened on 16 October 2026; S&P's own page was not read.

Does a credit rating tell me whether to buy Turkish bonds?

No. The Republic's prospectus says a security rating is not a recommendation to buy, sell or hold securities, and that ratings can be changed or withdrawn at any time.

Sources

• Ministry of Treasury and Finance: Credit Ratings page (needs a browser) (opens in a new tab)
• Ministry of Treasury and Finance: JSON feed behind the Credit Ratings page (opens in a new tab)
• US SEC: Republic of Türkiye prospectus supplement, 24 September 2026 (ratings, dates, risk factor) (opens in a new tab)
• US SEC: Republic of Türkiye prospectus supplement, 16 April 2026 (opens in a new tab)
• US SEC: Republic of Türkiye prospectus supplement, 3 February 2026 (opens in a new tab)
• US SEC: Republic of Türkiye prospectus supplement, 28 October 2025 (opens in a new tab)
• US SEC: Republic of Türkiye prospectus supplement, 6 February 2025 (opens in a new tab)
• US SEC: Republic of Türkiye prospectus supplement, 26 September 2024 (opens in a new tab)
• Moody's Ratings: upgrades Turkiye's ratings to Ba3, changes outlook to stable, 25 July 2025 (needs a browser) (opens in a new tab)
• JCR: Türkiye, Republic of, rating page and releases (BB/Stable affirmed 21 August 2026; unsolicited since 31 May 2021) (opens in a new tab)
• SPK: Communiqué Serial VIII No. 51 on rating activity, Article 26(7) (Turkish) (opens in a new tab)
• EUR-Lex: Regulation (EU) No 462/2013, rating outlook and sovereign calendar (opens in a new tab)
• EUR-Lex: Commission Implementing Regulation (EU) 2016/1799, mapping of rating scales (opens in a new tab)
• BIS: Basel Framework CRE20.7, risk weights for sovereign exposures (opens in a new tab)
• Foreks: S&P published no new assessment of Türkiye, 17 October 2026 (Turkish, secondary) (opens in a new tab)

This guide is general information, not investment, legal or tax advice. Amounts, rates and rules in Turkey change often: check the date given for each figure and the official source before you rely on it, and ask a licensed adviser about your own situation. Sources, checks and corrections: see the editorial policy.