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  • May 23, 2014

On May 23, 2014, Standard & Poor's Ratings Services affirmed its unsolicited 'BB+/B' long- and short-term foreign currency sovereign credit ratings on Turkey. At the same time, we affirmed our 'BBB/A-2' long- and short-term local currency sovereign credit ratings, and 'trAAA/trA-1' long- and short-term Turkey national scale ratings. The outlook remains negative. More

  • Apr 28, 2014

Turkey is once again experiencing political and economic uncertainties. Yet, Turkish blue chip companies have coped successfully with periods like this in the past. The experience has likely equipped Turkey's larger firms to weather the current conditions, including depreciation of the Turkish lira. More

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  • Mar 28, 2013
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S&P upgraded the foreign currency ratings of Turkey to BB+ and also published an FAQ discussing the country’s external adjustment. In this CreditMatters TV segment, Standard & Poor's Director Eileen Zhang explains the key reasons for the upgrade and discusses the experience and trend related to… Watch

  • May 24, 2013
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Turkish companies are making headlines in Europe by selling debut bond issuance at record-breaking low yields. In addition, these companies are looking to expand outside their domestic market through acquisitions, joint ventures, or organic growth. And by operating in a low-cost, high-growth emerging market, Turkish firms can often gain an edge when competing with European companies in… More

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  • Apr 28, 2014

Emerging economies will continue to face tighter external financial conditions than those prevailing in the aftermath of the 2008-2009 financial crisis. At the same time, they are set to benefit from increased demand for their exports from advanced economies. Turkey's economy remains highly vulnerable to a reversal in foreign capital flows because of its large current account deficit and… More

  • Nov 25, 2013

Within the context of less accommodative global monetary conditions, Turkey's external adjustment has entered a new phase, in our view. And given its large external funding needs, the country will likely be among the most vulnerable emerging sovereigns should global liquidity recede. We expect Turkey's current account deficit (CAD) to increase to 7.4% of GDP in 2013 compared with the 6.2% last … More

  • Mar 28, 2013
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Is the improvement in Turkey's current account temporary or can it be sustained? During 2012, the current account deficit (CAD) of Turkey (foreign currency ratings BB+/Stable/B; local currency ratings BBB/Stable/A-2; unsolicited ratings) narrowed by some 4 percentage points of GDP to $49 billion (6% of GDP) from $77 billion (10% of GDP) in 2011. In absolute terms, however, last year's CAD was… More

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  • Oct 30, 2014
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Standard & Poor's Ratings Services has assessed industry and country risk for the Turkish property/casualty (P/C) insurance sector as moderate (measured on a scale, from weakest to strongest, of very high risk, high risk, moderate risk, intermediate risk, low risk, and very low risk). Our assessment captures the typical level of risks that P/C insurers operating in Turkey face and reflects our… More

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  • Apr 16, 2014
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In December 2013, the U.S. Federal Reserve (Fed) announced that it would start progressively tapering its $85 billion monthly bond-buying program, known as quantitative easing (QE), judging the U.S. economic recovery to be on track. The Fed implemented the first three waves of tapering over the past four months, reducing the monthly bond buying by a total of $30 billion. Standard & Poor's Rating… More

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  • Mar 11, 2014

Global growth of the Islamic finance market continued unabated last year, undeterred by the uncertain recovery elsewhere in the world’s financial markets. Standard & Poor’s Ratings Services believes that worldwide, Sharia-compliant assets--which we estimate at upward of $1.4 trillion--are likely to sustain double-digit growth in the coming two to three years.


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  • May 29, 2013
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Standard & Poor’s updated its BICRA Score on the Turkish Banking System. In this CreditMatters TV segment Standard & Poor's Senior Director Zeynep Holmes and Associate Director Gőksenin Karagőz discuss the BICRA score and its effect on the Turkish banking system and the S&P rated banks in Turkey. Watch

Trends And Outlooks For Russian And Turkish Banks
  • Oct 22, 2013

Fast growth in the retail segment in Turkey and Russia is a common negative aspect differentiating these countries from other emerging markets. In this CreditMatters TV segment, Standard & Poor’s Associate Director for Banks in Emerging Markets, Göksenin Karagöz, discusses the similarities and… Watch

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  • Oct 30, 2013
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In this CreditMatters TV segment, Standard & Poor's Managing Director Zeynep Holmes and Associate Director Ali Karakuyu discuss the insurance industry and country risk assessment on Turkey, and its effect on the Turkish non-life sector. Watch

  • Oct 30, 2013
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Standard & Poor's Ratings Services has assessed industry and country risk for the Turkish property/casualty (P/C) insurance sector as moderate. Our assessment captures the typical level of risks that P/C insurers operating in Turkey face and reflects our view of the moderate country and industry risks. We base our assessment on the country's relatively moderate level of income, volatile economy,… More

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  • Jun 04, 2014
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Standard & Poor's Ratings Services classifies the banking sector of Turkey (unsolicited; foreign currency BB+/Negative/B, local currency BBB/Negative/A-2) in group '6' (on a 1-10 scale with 1 representing the lowest risk) under its Banking Industry Country Risk Assessment (BICRA). Other countries in group '6' include Bahrain, Guatemala, Spain, and Thailand. More

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  • Mar 27, 2014

Following a shaky start, Turkish banks face an unsettled year ahead. On the home front, the fallout from the corruption scandal that emerged in December 2013 and rising political uncertainty in the run-up to three successive elections will likely set the tone for the year. Global developments, including repercussions of tapering of the U.S. Federal Reserve's quantitative easing and geopolitical… More

  • Nov 13, 2013
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"Participation banks" (the official name of Islamic banks in Turkey) look set to keep increasing their market shares over the medium term, after posting exceptional growth between 2008 and 2012. However, sluggish domestic savings and intensifying competition from conventional banks will likely limit the sector's progress without fresh capital and funding. Over the past four years, the banks have… More

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  • Oct 08, 2013

Asset quality deterioration, shortage of capital, and slowing credit growth could undermine the BRICMT (Brazil, Russia, India, China, Mexico, and Turkey) banks' credit quality, especially amid economic slowdown following years of strong credit growth. In addition, we remain concerned about the rising household debt burden, given still low, although increasing, GDP per capita and cyclicality of … More

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  • May 29, 2013
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Standard & Poor’s Türkiye’ nin BICRA skorunu güncelleştirdi. Bu CreditMatters TV bőlümünde Standard & Poor's Türkiye Bőlge Müdürü Zeynep Holmes ve Türk Bankalarından sorumlu analistlerimizden Gőksenin Karagőz BICRA skorunun Türk bankacılık sistemi ve S&P rating’li bankalar üzerindeki etkisini… Watch

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  • Dec 05, 2012
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Funding from abroad and recycling of maturing government debt have bridged the gap between fast loan growth and slower deposit growth in the Turkish banking system. In this CreditMatters TV segment, Standard & Poor's Associate Director Magar Kouyoumdjian and Senior Director Zeynep Holmes discuss… Watch

  • May 16, 2013

The Turkish economy saw the wind knocked out of its billowing sails in 2012, but it is making something of a comeback in 2013. Standard & Poor's Ratings Services expects the real economy to expand by about 4% this year--nearly double the rate of growth of 2012, but well below what we believe were unsustainably high growth rates in 2010-2011. Trends in global trade should provide a boost to … More

Featured Analysis

  • Nov 21, 2014

On Nov. 21, 2014, Standard & Poor's Ratings Services affirmed its unsolicited 'BB+/B' long- and short-term foreign currency sovereign credit ratings on the Republic of Turkey. At the same time, we affirmed our 'BBB/A-2' long- and short-term local currency sovereign credit ratings, and our 'trAAA/trA-1' long- and short-term Turkey national scale ratings. The outlook remains negative. More

  • Jul 05, 2013
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The ratings on Yapi reflect the bank's 'bbb-' anchor, which is based on our view of the banking system in Turkey. The anchor is our starting point in assigning an issuer credit rating. We adjust the anchor by bank-specific factors defined in our criteria to determine Yapi's SACP. We consider Yapi's business position to be "adequate," reflecting the bank's strong retail franchise, strong… More

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  • May 24, 2013
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In line with our sovereign ratings criteria, the key constraints on the Republic of Turkey's unsolicited ratings are its moderate income levels and the dependency of economic growth on external financing conditions. We consider net external debt and gross external financing needs to be high relative to the economy's capacity to generate foreign income, as measured by current account receipts… More

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  • Apr 11, 2013

Turkey-based, family controlled diversified group Koç Holding A.S. (Koç) holds a number of listed and unlisted assets in four main sectors--energy, automotive, finance, and consumer durables. We understand management's appetite for leverage is limited, as reflected by a clear net debt target ceiling at the parent company level, which we estimate calls for loan-to-value (LTV)… More

  • Aug 29, 2013
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Standard & Poor's Ratings Services' outlook on Turkey-based Albaraka Turk Katilim Bankasi (Albaraka Turk) is negative, reflecting that on the bank's parent, the Albaraka Banking Group B.S.C. We incorporate one notch of uplift into the rating on Albaraka Turk to reflect group support, in accordance with our group rating methodology. A downgrade of the parent would lead to a loss of this support… More

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  • Jun 12, 2013
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The starting point for our ratings on Garanti is its 'bbb-' anchor, which is based on our view of the banking system in Turkey. The ratings also reflect our assessment of Garanti's business position as "adequate", capital and earnings as "adequate," risk position as "adequate", funding as "average", and liquidity as "adequate", as our criteria define these terms. The long-term rating is one… More

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  • Apr 24, 2013

Turkey-based glass producer Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam) benefits from leading market positions in Turkey and growing geographic diversification. Sisecam has ambitious international expansion plans that will be supported by increased capital expenditure (capex).We assess the group's financial risk profile as "intermediate" and its business risk profile as "fair." We are… More

  • Mar 14, 2013
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The rating on Arcelik reflects our assessment of the company's business risk profile as "satisfactory" and its financial risk profile as "significant." Arcelik is a large Turkey-based home appliances and consumer electronics manufacturer that sells most of its products in Turkey and Western Europe. More

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