Our long term credit rating results reflect our present opinion for the medium to long term period over and above a year, whereas our Short term credit rating reflects our opinion for the period within a years span. Our long term credit rating results start from AAA showing the highest quality and continue all the way to the lowest rating of D (default). Plus (+) and minus (-) signs are used to make a more detailed distinction between the categories of AA and CCC.
Companies and securities rated with long-term AAA, AA, A, BBB and short-term A1 +, A1, A2, A3 categories should be considered “investment worthy” by the market.| Short-Term | Long-Term | Definition |
| (TR) A1+ | (TR) AAA (TR) AA+ (TR) AA (TR) AA- | The highest credit quality. Ability to meet financial obligations is extremely high. If securities; carries a little more risk than the risk-free government bonds. |
| (TR) A1 | (TR) A+ (TR) A | Credit quality is very high. Very high ability to fulfill financial obligations. Sudden changes at the company and economic and financial conditions may increase investment risk, but not at a significant level. |
| (TR) A2 | (TR) A- (TR) BBB+ | High ability to fulfill financial obligations, but may be affected by adverse economic conditions and changes. |
| (TR) A3 | (TR) BBB (TR) BBB- | Sufficient financial ability to fulfill its obligations, but carries more risk in adverse economic conditions and changes. If securities; has adequate protection parameters, but issuer’s capacity to fulfill its obligations may weaken due to adverse economic conditions and changes. |
| Short-Term | Long-Term | Definition |
| (TR) B | (TR) BB+ (TR) BB (TR) BB- | Carries minimum level of speculative features. Not in danger in the short term, but face to face with negative financial and economic conditions. If securities; under the investment level, but on-time payment exist, or under less danger than other speculative securities. However, if the issuer’s capacity to fulfill its obligations weakens, serious uncertainties may appear. |
| (TR) C | (TR) B+ (TR) B (TR) B- | Currently has the capacity to fulfill financial obligations, but highly sensitive to adverse economic and financial conditions. If securities; there is a risk of on-time payment. Financial protection factors can show high fluctuations according to the status of the economy, the sector, and the issuer. |
| (TR) C | (TR) CCC+ (TR) CCC (TR) CCC- |
Well below the category of investment. In danger, and economic, sectoral and financial conditions should have a positive development to fulfill its financial obligations. If securities; there are serious uncertainties about the timely payment of principal and interest. |
| (TR) D | (TR) D | Event of default. Company cannot meet its financial obligations or cannot pay the principal and/or interest of the relevant securities. |