{"id":6925,"date":"2026-09-30T03:01:19","date_gmt":"2026-09-30T03:01:19","guid":{"rendered":"https:\/\/www.sutyo.com\/moodys-karadagin-kredi-notunu-ba2ye-yukseltti\/"},"modified":"2026-09-30T03:01:19","modified_gmt":"2026-09-30T03:01:19","slug":"moodys-karadagin-kredi-notunu-ba2ye-yukseltti","status":"publish","type":"post","link":"https:\/\/www.sutyo.com\/tr\/moodys-karadagin-kredi-notunu-ba2ye-yukseltti\/","title":{"rendered":"Moody\u2019s, Karada\u011f\u2019\u0131n Kredi Notunu Ba2\u2019ye Y\u00fckseltti"},"content":{"rendered":"
\n

Moody\u2019s Karada\u011f\u2019\u0131n kredi notunu Ba3\u2019ten Ba2\u2019ye y\u00fckseltirken, \u00fclkenin kredi g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc pozitif olarak korudu. Kurulu\u015f, Avrupa Birli\u011fi\u2019ne (AB) kat\u0131l\u0131m s\u00fcrecinde ger\u00e7ekle\u015ftirilen reformlar\u0131n kurumsal g\u00fcvenilirli\u011fi ve Avrupa finansman kaynaklar\u0131na eri\u015fimi g\u00fc\u00e7lendirdi\u011fine dikkat \u00e7ekti.<\/p>\n

Moody\u2019s taraf\u0131ndan ger\u00e7ekle\u015ftirilen not art\u0131\u015f\u0131yla Karada\u011f\u2019\u0131n kredi notu spek\u00fclatif seviyede kalmaya devam ederken, \u00fclke derecelendirme skalas\u0131nda bir basamak daha yukar\u0131 ta\u015f\u0131nd\u0131. Mali disiplinin korunmas\u0131 ve reform s\u00fcrecindeki ilerlemenin devam etmesi halinde, s\u00f6z konusu geli\u015fmenin orta ve uzun vadede \u00fclkenin bor\u00e7lanma maliyetleri \u00fczerinde olumlu etkiler olu\u015fturmas\u0131 bekleniyor.<\/p>\n

AB Reformlar\u0131 Kredi G\u00f6r\u00fcn\u00fcm\u00fcn\u00fc Destekliyor<\/strong><\/p>\n

Moody\u2019s, Karada\u011f\u2019\u0131n AB \u00fcyelik s\u00fcreci kapsam\u0131nda ger\u00e7ekle\u015ftirdi\u011fi kurumsal ve yap\u0131sal reformlar\u0131n beklenenden daha h\u0131zl\u0131 ilerledi\u011fine i\u015faret etti.<\/p>\n

Bu kapsamda yarg\u0131 kurumlar\u0131n\u0131n g\u00fc\u00e7lendirilmesi, merkez bankas\u0131n\u0131n ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131n\u0131n korunmas\u0131, kamu y\u00f6netiminin etkinli\u011finin art\u0131r\u0131lmas\u0131 ve yolsuzlukla m\u00fccadele mekanizmalar\u0131n\u0131n geli\u015ftirilmesi \u00f6ne \u00e7\u0131kan ba\u015fl\u0131klar aras\u0131nda yer ald\u0131.<\/p>\n

Pozitif g\u00f6r\u00fcn\u00fcm ise Karada\u011f\u2019\u0131n reform s\u00fcrecini s\u00fcrd\u00fcrmesi, mali disiplinini korumas\u0131 ve d\u0131\u015f likidite ko\u015fullar\u0131n\u0131 istikrarl\u0131 bi\u00e7imde y\u00f6netmesi halinde kredi notunun daha da y\u00fckseltilebilece\u011fine i\u015faret ediyor.<\/p>\n

Y\u00fcksek Yat\u0131r\u0131m \u0130htiyac\u0131 Not Art\u0131\u015f\u0131n\u0131 Daha \u00d6nemli Hale Getiriyor<\/strong><\/p>\n

Kredi notundaki y\u00fckseli\u015f, Karada\u011f H\u00fck\u00fcmetinin \u00f6nemli bir yat\u0131r\u0131m ve finansman d\u00f6nemine haz\u0131rland\u0131\u011f\u0131 bir s\u00fcre\u00e7te ger\u00e7ekle\u015fti.<\/p>\n

\u00dclke; otoyollar, demiryollar\u0131, enerji, su, havalimanlar\u0131 ve \u00e7evre altyap\u0131s\u0131 ba\u015fta olmak \u00fczere \u00e7ok say\u0131da b\u00fcy\u00fck \u00f6l\u00e7ekli yat\u0131r\u0131m planlarken, ayn\u0131 zamanda mevcut bor\u00e7lar\u0131n yeniden finansman\u0131 ve 2027 y\u0131l\u0131nda uygulanmas\u0131 planlanan \u00fccret ve vergi reformlar\u0131n\u0131n kamu maliyesi \u00fczerindeki muhtemel etkilerini y\u00f6netmeye haz\u0131rlan\u0131yor.<\/p>\n

Daha y\u00fcksek bir devlet kredi notu, h\u00fck\u00fcmetin tahvil ihra\u00e7 etmesi veya d\u0131\u015f finansman kullanmas\u0131 s\u0131ras\u0131nda yat\u0131r\u0131mc\u0131lar\u0131n talep etti\u011fi risk priminin azalmas\u0131na katk\u0131 sa\u011flayabilir. Bununla birlikte, kredi notundaki y\u00fckseli\u015fin bor\u00e7lanma maliyetlerini otomatik olarak d\u00fc\u015f\u00fcrmesi beklenmiyor.<\/p>\n

K\u00fcresel faiz oranlar\u0131, piyasa ko\u015fullar\u0131, bor\u00e7lar\u0131n vade yap\u0131s\u0131 ve yat\u0131r\u0131mc\u0131lar\u0131n \u00fclke riskine ili\u015fkin de\u011ferlendirmeleri, Karada\u011f\u2019\u0131n gelecekteki finansman maliyetleri a\u00e7\u0131s\u0131ndan belirleyici olmaya devam edecek.<\/p>\n

Kamu \u015eirketleri ve Altyap\u0131 Projeleri de Etkilenebilir<\/strong><\/p>\n

Devlet kredi notlar\u0131, merkezi h\u00fck\u00fcmet borcunun yan\u0131 s\u0131ra devletle ba\u011flant\u0131l\u0131 \u015firketler ve finansal kurulu\u015flar\u0131n de\u011ferlendirilmesinde de \u00f6nemli g\u00f6stergeler aras\u0131nda bulunuyor.<\/p>\n

Bu nedenle not art\u0131\u015f\u0131n\u0131n etkilerinin kamu borcuyla s\u0131n\u0131rl\u0131 kalmamas\u0131 ve Karada\u011f\u2019daki kamu \u015firketleri, altyap\u0131 projeleri ve bankalar\u0131n uluslararas\u0131 yat\u0131r\u0131mc\u0131lar nezdindeki risk alg\u0131s\u0131na dolayl\u0131 olarak yans\u0131mas\u0131 m\u00fcmk\u00fcn.<\/p>\n

\u00d6zellikle \u00f6n\u00fcm\u00fczdeki d\u00f6nemde \u00f6nemli miktarda d\u0131\u015f finansmana ihtiya\u00e7 duyabilecek EPCG, CGES, havalimanlar\u0131 ve ula\u015ft\u0131rma altyap\u0131s\u0131 i\u015fletmecileri a\u00e7\u0131s\u0131ndan finansman ko\u015fullar\u0131ndaki olas\u0131 iyile\u015fme \u00f6nem ta\u015f\u0131yor.<\/p>\n

AB \u00dcyeli\u011fi Finansman \u0130mk\u00e2nlar\u0131n\u0131 Geni\u015fletebilir<\/strong><\/p>\n

AB\u2019ye kat\u0131l\u0131m s\u00fcreci, Karada\u011f\u2019\u0131n kredi g\u00f6r\u00fcn\u00fcm\u00fcnde giderek daha \u00f6nemli bir fakt\u00f6r haline geliyor.<\/p>\n

Moody\u2019s, kat\u0131l\u0131m \u00f6ncesi finansman imk\u00e2nlar\u0131 ile Bat\u0131 Balkanlar i\u00e7in haz\u0131rlanan AB B\u00fcy\u00fcme Plan\u0131 kapsam\u0131ndaki kaynaklara eri\u015fimin, \u00fclkenin likiditesini ve makroekonomik istikrar\u0131n\u0131 destekleyen unsurlar oldu\u011funu belirtiyor.<\/p>\n

Karada\u011f\u2019\u0131n AB \u00fcyeli\u011finin ger\u00e7ekle\u015fmesi halinde bu etkinin daha da geni\u015flemesi bekleniyor. \u00dclkenin \u00fcyelik sonras\u0131nda daha y\u00fcksek miktarda yap\u0131sal fon, uyum fonu ve di\u011fer AB finansman kaynaklar\u0131na eri\u015febilmesi, altyap\u0131 yat\u0131r\u0131mlar\u0131n\u0131n do\u011frudan kamu bor\u00e7lanmas\u0131 yoluyla finanse edilmesi ihtiyac\u0131n\u0131 azaltabilir.<\/p>\n

Bu durum, maliyeti \u00fclke ekonomisinin b\u00fcy\u00fckl\u00fc\u011f\u00fcne k\u0131yasla y\u00fcksek olan Bar-Boljare otoyolu gibi b\u00fcy\u00fck \u00f6l\u00e7ekli projeler a\u00e7\u0131s\u0131ndan \u00f6zellikle \u00f6nem ta\u015f\u0131yor.<\/p>\n

Altyap\u0131 yat\u0131r\u0131mlar\u0131nda hibe ve uygun ko\u015fullu Avrupa finansman\u0131n\u0131n pay\u0131n\u0131n artmas\u0131, kamu borcu \u00fczerindeki do\u011frudan bask\u0131y\u0131 azaltabilir. H\u00fck\u00fcmet, 2028-2034 d\u00f6neminde AB \u00fcyeli\u011finin b\u00fct\u00e7eye toplam etkisinin yakla\u015f\u0131k 3,2 milyar Avro olaca\u011f\u0131n\u0131 tahmin ediyor. Ancak s\u00f6z konusu rakam \u00e7ok \u00e7e\u015fitli AB kaynaklar\u0131n\u0131 ve transferlerini kaps\u0131yor ve tamam\u0131n\u0131n do\u011frudan altyap\u0131 yat\u0131r\u0131mlar\u0131na ayr\u0131lacak garanti bir kaynak olarak de\u011ferlendirilmemesi gerekiyor.<\/p>\n

Bu nedenle kredi g\u00f6r\u00fcn\u00fcm\u00fc a\u00e7\u0131s\u0131ndan temel faydan\u0131n yaln\u0131zca daha fazla finansmana eri\u015fimden de\u011fil, ayn\u0131 zamanda daha uygun finansman ko\u015fullar\u0131ndan kaynaklanmas\u0131 bekleniyor.<\/p>\n

Avrupa hibeleri baz\u0131 yat\u0131r\u0131mlarda bor\u00e7lanma ihtiyac\u0131n\u0131n yerini alabilirken, uygun ko\u015fullu krediler faiz maliyetlerini azaltabilir. Kurumsal uyumun g\u00fc\u00e7lenmesi ise yat\u0131r\u0131mc\u0131 g\u00fcvenini destekleyebilir.<\/p>\n

Turizm ve D\u0131\u015f Dengesizlikler Risk Olu\u015fturmaya Devam Ediyor<\/strong><\/p>\n

Karada\u011f ekonomisinin k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli olmas\u0131, finansman ko\u015fullar\u0131ndaki de\u011fi\u015fimlerin \u00fclke \u00fczerinde daha belirgin etkiler olu\u015fturmas\u0131na neden olabilir. Bununla birlikte, ekonominin k\u00fc\u00e7\u00fck ve d\u0131\u015fa a\u00e7\u0131k yap\u0131s\u0131 \u00fclkeyi d\u0131\u015f \u015foklara kar\u015f\u0131 da daha hassas hale getiriyor.<\/p>\n

Moody\u2019s, turizme y\u00fcksek ba\u011f\u0131ml\u0131l\u0131k ve b\u00fcy\u00fck d\u0131\u015f dengesizlikleri Karada\u011f ekonomisinin temel riskleri aras\u0131nda g\u00f6steriyor.<\/p>\n

Karada\u011f\u2019\u0131n cari a\u00e7\u0131\u011f\u0131, y\u00fcksek ithalat ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 ile turizm ve t\u00fcketime dayal\u0131 ekonomik yap\u0131n\u0131n etkisiyle 2025 y\u0131l\u0131nda GSY\u0130H\u2019nin %20,6\u2019s\u0131na ula\u015ft\u0131.<\/p>\n

Do\u011frudan yabanc\u0131 yat\u0131r\u0131mlar, \u00f6zellikle gayrimenkul al\u0131mlar\u0131 ve turizm yat\u0131r\u0131mlar\u0131 arac\u0131l\u0131\u011f\u0131yla cari a\u00e7\u0131\u011f\u0131n finansman\u0131na katk\u0131 sa\u011fl\u0131yor. Ancak bu yap\u0131, sermaye giri\u015flerinin zay\u0131flamas\u0131 veya turizm talebinin \u00f6nemli \u00f6l\u00e7\u00fcde gerilemesi halinde \u00fclkeyi d\u0131\u015f finansman risklerine daha a\u00e7\u0131k hale getirebilir.<\/p>\n

Enerji Sekt\u00f6r\u00fcndeki Geli\u015fmeler D\u0131\u015f Dengeleri Etkiliyor<\/strong><\/p>\n

Enerji sekt\u00f6r\u00fc de Karada\u011f\u2019\u0131n d\u0131\u015f dengesinde \u00f6nemli dalgalanmalara neden olabiliyor.<\/p>\n

Pljevlja Termik Santrali\u2019nde 2025 y\u0131l\u0131nda ger\u00e7ekle\u015ftirilen ve uzun s\u00fcren yenileme \u00e7al\u0131\u015fmalar\u0131 nedeniyle \u00fclke yakla\u015f\u0131k 182 milyon Avro tutar\u0131nda elektrik ithal etti.<\/p>\n

2026 y\u0131l\u0131nda yerli elektrik \u00fcretiminin yeniden toparlanmas\u0131yla elektrik ithalat\u0131n\u0131n de\u011feri \u015fu ana kadar 42 milyon Avronun alt\u0131na geriledi.<\/p>\n

Bu geli\u015fme, tek bir altyap\u0131 sorununun veya hidrolojik ko\u015fullardaki de\u011fi\u015fimin dahi ithalat dengesi ve devlet \u015firketlerinin mali durumu \u00fczerinde k\u0131sa s\u00fcrede \u00f6nemli etkiler olu\u015fturabilece\u011fini g\u00f6steriyor.<\/p>\n

Mali Disiplin Notun Gelece\u011fi A\u00e7\u0131s\u0131ndan Belirleyici<\/strong><\/p>\n

Maliye politikas\u0131 da Karada\u011f\u2019\u0131n kredi notunun belirlenmesinde temel unsurlardan biri olmaya devam ediyor.<\/p>\n

Karada\u011f, ekonomisinin b\u00fcy\u00fckl\u00fc\u011f\u00fcne k\u0131yasla y\u00fcksek kamu borcuna sahip olurken, ayn\u0131 zamanda \u00f6nemli miktarda sermaye yat\u0131r\u0131m\u0131 ger\u00e7ekle\u015ftirmeyi planl\u0131yor.<\/p>\n

2027 y\u0131l\u0131ndan itibaren uygulanmas\u0131 planlanan Avro Modeli \u00fccret ve vergi reformunun da merkezi h\u00fck\u00fcmet ve belediyelerin gelir yap\u0131s\u0131 \u00fczerinde etkili olmas\u0131 bekleniyor.<\/p>\n

Bu nedenle kamu y\u00f6netiminin daha y\u00fcksek ya\u015fam standartlar\u0131 ve kamu yat\u0131r\u0131mlar\u0131 ile orta vadeli bor\u00e7 s\u00fcrd\u00fcr\u00fclebilirli\u011fi aras\u0131nda dengeli bir mali politika y\u00fcr\u00fctmesi \u00f6nem ta\u015f\u0131yor.<\/p>\n

Vergi gelirlerindeki art\u0131\u015f ise kamu maliyesi a\u00e7\u0131s\u0131ndan olumlu bir geli\u015fme olarak \u00f6ne \u00e7\u0131k\u0131yor. Vergi \u0130daresi\u2019nin 2026 y\u0131l\u0131n\u0131n ilk sekiz ay\u0131nda elde etti\u011fi br\u00fct vergi geliri yakla\u015f\u0131k 1,2 milyar Avroya ula\u015f\u0131rken, bu rakam ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re yakla\u015f\u0131k 98 milyon Avroluk art\u0131\u015fa i\u015faret ediyor.<\/p>\n

Bununla birlikte, kal\u0131c\u0131 kamu harcamalar\u0131n\u0131n ekonomik b\u00fcy\u00fcme h\u0131z\u0131ndan daha h\u0131zl\u0131 artmas\u0131 durumunda gelirlerdeki y\u00fckseli\u015fin uzun vadede harcama kontrol\u00fcn\u00fcn yerini almas\u0131 m\u00fcmk\u00fcn de\u011fil.<\/p>\n

Pozitif G\u00f6r\u00fcn\u00fcm Reformlar\u0131n S\u00fcrd\u00fcr\u00fclmesine Ba\u011fl\u0131<\/strong><\/p>\n

Moody\u2019s\u2019in pozitif g\u00f6r\u00fcn\u00fcm\u00fc, gelecekteki olas\u0131 not art\u0131\u015flar\u0131n\u0131n belirli ko\u015fullara ba\u011fl\u0131 oldu\u011funu ortaya koyuyor.<\/p>\n

Karada\u011f\u2019\u0131n kredi notunda yeni bir y\u00fckseli\u015f sa\u011flayabilmesi i\u00e7in mali disiplinini ve d\u0131\u015f likiditesini olumsuz etkilemeden AB reformlar\u0131ndaki ilerlemeyi s\u00fcrd\u00fcrmesi \u00f6nem ta\u015f\u0131yor.<\/p>\n

Buna kar\u015f\u0131l\u0131k reform s\u00fcrecinde gerileme ya\u015fanmas\u0131, b\u00fct\u00e7e performans\u0131n\u0131n bozulmas\u0131 veya yeniden finansman bask\u0131s\u0131n\u0131n artmas\u0131, kredi notunda yeni y\u00fckseli\u015flerin \u00f6n\u00fcnde engel olu\u015fturabilir.<\/p>\n

Moody\u2019s\u2019in Karada\u011f\u2019\u0131n kredi notunu Ba3\u2019ten Ba2\u2019ye y\u00fckseltmesi ve pozitif g\u00f6r\u00fcn\u00fcm\u00fc korumas\u0131, \u00fclkenin gelecekteki olas\u0131 not art\u0131\u015flar\u0131na y\u00f6nelik kap\u0131y\u0131 a\u00e7\u0131k b\u0131rak\u0131yor.<\/p>\n

S\u00f6z konusu geli\u015fme, Karada\u011f\u2019\u0131n \u00f6nemli altyap\u0131 yat\u0131r\u0131mlar\u0131 ve AB entegrasyon s\u00fcrecinin h\u0131z kazand\u0131\u011f\u0131 bir d\u00f6nemde devletin kredi g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc g\u00fc\u00e7lendiren bir geli\u015fme olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n

\u00d6n\u00fcm\u00fczdeki d\u00f6nemde temel mesele, Karada\u011f\u2019\u0131n g\u00fc\u00e7lenen kredi g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc daha d\u00fc\u015f\u00fck ve s\u00fcrd\u00fcr\u00fclebilir uzun vadeli finansman maliyetlerine d\u00f6n\u00fc\u015ft\u00fcr\u00fcp d\u00f6n\u00fc\u015ft\u00fcremeyece\u011fi ve sermayeye daha kolay eri\u015fimin kamu borcunda kontrols\u00fcz bir art\u0131\u015fa yol a\u00e7madan y\u00f6netilip y\u00f6netilemeyece\u011fi olacak.<\/p>\n

Kaynak: https:\/\/montenegrobusiness.eu\/moodys-upgrades-montenegro-to-ba2-as-eu-reforms-strengthen-sovereign-credit-outlook\/\u00a0\u00a0<\/p>\n

Yayimlayan: Podgoritsa Ticaret M\u00fc\u015favirli\u011fi<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Moody\u2019s Karada\u011f\u2019\u0131n kredi notunu Ba3\u2019ten Ba2\u2019ye y\u00fckseltirken, \u00fclkenin kredi g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc pozitif olarak korudu. Kurulu\u015f, Avrupa Birli\u011fi\u2019ne (AB) kat\u0131l\u0131m s\u00fcrecinde ger\u00e7ekle\u015ftirilen reformlar\u0131n kurumsal g\u00fcvenilirli\u011fi ve Avrupa finansman kaynaklar\u0131na eri\u015fimi g\u00fc\u00e7lendirdi\u011fine dikkat \u00e7ekti. Moody\u2019s taraf\u0131ndan ger\u00e7ekle\u015ftirilen not art\u0131\u015f\u0131yla Karada\u011f\u2019\u0131n kredi notu spek\u00fclatif seviyede kalmaya devam ederken, \u00fclke derecelendirme skalas\u0131nda bir basamak daha yukar\u0131 ta\u015f\u0131nd\u0131. Mali disiplinin korunmas\u0131 … Okumaya devam et “Moody\u2019s, Karada\u011f\u2019\u0131n Kredi Notunu Ba2\u2019ye Y\u00fckseltti”<\/span><\/a><\/p>","protected":false},"author":1271,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[393],"tags":[],"class_list":["post-6925","post","type-post","status-publish","format-standard","hentry","category-hayvancilik"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/posts\/6925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/users\/1271"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/comments?post=6925"}],"version-history":[{"count":0,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/posts\/6925\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/media?parent=6925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/categories?post=6925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sutyo.com\/tr\/wp-json\/wp\/v2\/tags?post=6925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}