Our long term credit ratings reflects our present opinion regarding the mid to long term period of one year and above; Our short term credit ratings reflects our opinion regarding a period of one year. Our long-term credit rating results start from AAA showing the highest quality grade and continue downward to the lowest rating of D (default). Plus (+) and minus (-) signs are used to make a more detailed distinction within categories AA to 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. For Asset Backed Securities, aAccording to the present Turkish legislature, the topmost three categories are deemed as investment grade
| Short Term | Long Term | Category | Rating Definitions |
| (TR) A1+ | (TR) AAA(TR) AA+
(TR) AA |
First Grade | The highest credit quality. Indicates that ability to meet financial obligations is extremely high. For securities, it is an indication of no more than a slight additional risk as compared to risk-free government bonds. |
| (TR) A1 | (TR) A+ (TR) A |
Second Grade | Credit quality is very high. Very high ability to fulfill financial obligations. Sudden changes at the company level and/or economic and financial conditions may increase investment risk, but not significantly. |
| (TR) A2 | (TR) A-(TR) BBB+ | Third Grade | High ability to fulfill financial obligations, but may be affected by adverse economic conditions and changes. |
| (TR) A3 | (TR) BBB (TR) BBB- |
Forth Grade | 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 in face of adverse economic conditions and changes. |
Companies and securities rated with long-term BB, B, CCC, and short-term B1, B2, C categories should be considered “speculative” by the market.
| (TR) B1 | (TR) BB+ (TR) BB (TR) BB- |
Fifth Grade | Carries minimum level of speculative features. Not in danger in the short term, but faces negative financial and economic conditions. If securities; below investment level, but on-time payments prevail, or under less danger than other speculative securities. However, if the issuer’s capacity to fulfill its obligations weakens, serious uncertainties may unfold. |
| (TR) B2 | (TR) B+ (TR) B (TR) B- |
Sixth Grade | Currently has the capacity to fulfill financial obligations, but highly sensitive to adverse economic and financial conditions. If securities; there is a risk in due payment. Financial protection factors can show high fluctuations depending on the conditions of the economy, the sector, and the issuer. |
| (TR) C | (TR) CCC+ (TR) CCC (TR) CCC- |
Seventh Grade | Well below investment grade. In considerable danger of default. Fulfillment of its financial obligations depends on the positive performance of economic, sectoral and financial conditions. If securities; there are serious uncertainties about the timely payment of principal and interest. |
| (TR) D | (TR) D | Default | Event of default. The company cannot meet its financial obligations or cannot pay the principal and/or interest of the relevant securities. |