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Exam Review

Key Facts: SPK Kredi Derecelendirmesi Exam

Official examination multiple-choice questions

SPL Sınav Kılavuzu

45 min

Examination duration

SPL e-LS

50 / 60

Passing thresholds (min 50 module, 60 average)

SPK Tebliğ VII-128.7

TRY 748

2026 Examination sitting fee

SPL Fee Schedule

Independent English-language MCQ study adaptation for SPL Module 1017 Kredi Derecelendirmesi. The official assessment has 25 five-option questions in 45 minutes covering credit rating regulations (Seri: VIII, No: 51), credit risk measurement, financial statement and ratio analysis, corporate/sovereign rating methodology, and the Basel capital accords. Passing requires at least 50/100 on the module and a composite average of 60/100 across licence subjects.

Sample SPK Kredi Derecelendirmesi Practice Questions

Try these sample questions to review concepts for the SPK Kredi Derecelendirmesi exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Which SPK communiqué sets out the principles governing the establishment, licensing, and operation of credit rating agencies in Turkish capital markets?

A.Pay Tebliği (VII-128.1)

B.Sermaye Piyasasında Derecelendirme Faaliyeti ve Derecelendirme Kuruluşlarına İlişkin Esaslar Tebliği (Seri: VIII, No: 51)

C.Yatırım Kuruluşları Tebliği (III-39.1)

D.Özel Durumlar Tebliği (II-15.1)

Explanation: Seri: VIII, No: 51 governs capital-markets credit and corporate-governance rating activity under SPK. The share, investment-firm, and material-event communiqués address different regulated activities.

2Under Communiqué Seri: VIII, No: 51, which activity is a credit rating agency (derecelendirme kuruluşu) strictly prohibited from providing to entities it rates?

A.Meeting with the rated company's executive management to review financial projections

B.Consulting, advisory, or management consultancy services (danışmanlık hizmetleri)

C.Publishing the credit rating and rationale on its public website

D.Assigning an investment grade or speculative grade credit notch

Explanation: Seri: VIII, No: 51 separates rating from consulting and other services that create conflicts. It prohibits consulting for the same client during the rating period and the following two years, and imposes a reciprocal restriction after consulting.

3An agency has just stopped providing consulting to a company. Under Seri: VIII, No: 51, which rule applies to its proposed credit-rating engagement with that company?

A.It may start immediately if it assigns a different analyst

B.It must observe the prohibition covering the consulting period and the following two years

C.It may start immediately if the client accepts the conflict in writing

D.The restriction applies only if the proposed rating is investment grade

Explanation: The communiqué bars rating the same client during the consulting period and the following two years. Changing the analyst or obtaining client consent does not remove this agency-level conflict restriction.

4What is an 'Unsolicited Rating' (Talep Edilmemiş Derecelendirme) under Communiqué Seri: VIII, No: 51, and how must it be treated?

A.A rating requested by the issuer but kept confidential under the contract

B.A rating assigned without the request or formal contractual engagement of the rated entity, which must be clearly disclosed as unsolicited in all reports

C.An internal bank grade used only for the bank's lending decisions

D.A rating requested and paid for by the issuer before publication

Explanation: An unsolicited rating is conducted on the agency's own initiative using publicly available information without a contract with the issuer. Under Communiqué Seri: VIII, No: 51, the agency must prominently disclose in the report that the rating was unsolicited and whether the issuer participated.

5What is the core formula used in credit risk measurement to calculate Expected Loss (Beklenen Kayıp - EL)?

A.$\text{EL} = \frac{\text{EBIT}}{\text{Interest Expense}}$

B.$\text{EL} = \text{PD} \times \text{LGD} \times \text{EAD}$

C.$\text{EL} = \frac{\text{PD} + \text{LGD}}{\text{EAD}}$

D.$\text{EL} = \text{EAD} \times (1 - \text{PD})$

Explanation: The basic fixed-parameter credit-loss calculation is EL = PD × LGD × EAD for a consistent horizon. PD measures default likelihood, LGD the loss fraction conditional on default, and EAD the exposure at that time.

6A bank has a corporate loan exposure of TRY 40,000,000 at default (EAD). The estimated Probability of Default (PD) is 2.5%, and the Loss Given Default (LGD) is 40%. What is the Expected Loss (EL) on this loan?

A.TRY 100,000

B.TRY 400,000

C.TRY 1,000,000

D.TRY 1,600,000

Explanation: EL = 0.025 × 0.40 × TRY 40m = TRY 400,000. Omitting LGD would count the full exposure as lost on every default instead of the stated 40% loss.

7If a credit facility has an estimated Recovery Rate (Geri Kazanım Oranı - RR) of 65% in the event of default, what is its Loss Given Default (LGD)?

A.0%

B.35%

C.65%

D.100%

Explanation: Loss Given Default ($LGD$) is the percentage of exposure that is lost upon default: $LGD = 1 - \text{Recovery Rate (RR)}$. With $RR = 65\%$, $LGD = 100\% - 65\% = 35\%$.

8A loan portfolio has an aggregate Exposure at Default (EAD) of TRY 100,000,000 with a 1-year PD of 3.0%. Collateral recovery is expected to be 70% (Recovery Rate = 70%). What is the total Expected Loss?

A.TRY 700,000

B.TRY 900,000

C.TRY 2,100,000

D.TRY 3,000,000

Explanation: $LGD = 1 - 0.70 = 0.30$ (30%). $\text{Expected Loss} = \text{PD} \times \text{LGD} \times \text{EAD} = 0.03 \times 0.30 \times 100,000,000 = 0.009 \times 100,000,000 = \text{TRY } 900,000$.

9How does Unexpected Loss (Beklenmeyen Kayıp - UL) differ conceptually from Expected Loss (Beklenen Kayıp - EL) in credit risk management?

A.EL describes only market-price losses while UL describes only missed payments

B.EL represents the statistical mean loss covered by loan loss provisions, while UL represents the volatility/dispersion of losses around the mean covered by economic capital (özsermaye)

C.EL and UL must be equal because both involve default

D.Diversification necessarily reduces both EL and UL to zero

Explanation: Expected Loss ($EL$) is the anticipated cost of doing business, covered through credit pricing and loan loss provisions (karşılıklar). Unexpected Loss ($UL$) is the standard deviation/tail risk of credit losses exceeding the mean, which must be absorbed by bank regulatory and economic capital.

10In structural credit risk modeling (Merton Model, 1974), how is the equity of a leveraged firm modeled?

A.As a put option on firm assets held by shareholders with debt as the strike

B.As a European call option on the total assets of the firm, where the strike price is the face value of the firm's debt maturing at time T

C.As an unsecured perpetual bond paying a fixed interest coupon

D.As a forward obligation requiring shareholders to cover every asset shortfall personally

Explanation: In the Merton structural model, firm equity is modeled as a European call option on the firm's assets $V$: $\text{Equity} = \max(0, V_T - D)$, where $D$ is the face value of debt at maturity $T$. If asset value exceeds debt, equity holders pay off debt and keep the residual; if assets fall below debt, equity holders default and hand the assets to bondholders.

About the SPK Kredi Derecelendirmesi Exam

Kredi Derecelendirmesi (Module 1017) is one of five subjects required for the Kredi Derecelendirme Lisansı in Turkey. It covers rating-agency regulation (Seri: VIII, No: 51), credit risk measurement, financial analysis, rating methodology, and Basel capital accords. Passing this subject alone does not award the licence. OpenExamPrep provides an independent English-language MCQ study adaptation, not an official translation or simulation of Turkish examination delivery.

Exam sponsor: Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu A.Ş. (SPL). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single 45-minute computer-based electronic licensing examination (e-LS) session of 25 multiple-choice questions administered at SPL test centers.

Time Limit

45 minutes

Passing Score

Minimum 50 out of 100 on the module, and an arithmetic average of at least 60 across all modules required for the candidate's target licence

Exam / Certification Fees

TRY 748 per subject sitting; eligible university students pay TRY 548, or TRY 456 under SPL cooperation protocols.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

SPL Sınav Konuları ve Alt Konu Başlıkları · Source checked 2026-10-21Official curriculum specifications for Module 1017 Kredi Derecelendirmesi.
SPL 2026 Elektronik Lisanslama Sınavları Kılavuzu · Source checked 2026-10-21Official e-LS guide: 25 items, 45 minutes, TRY 748 standard fee, and scoring rules.
SPL Kredi Derecelendirmesi Çalışma Notu — 1017 · Source checked 2026-10-21Official study note covering rating regulation, credit risk, financial analysis, methodology, and Basel. Although its URL filename contains 2027, its cover is dated 30 June 2026 and it is linked by the current SPL index.
SPK rating-agency guidance · Source checked 2026-10-21Authorization, rating scope, oversight, retention, independence, and public disclosure.
BCBS minimum capital requirements · Source checked 2026-10-21International Basel baseline capital minima; these are not a claim about the complete capital requirement of any Turkish bank.
BCBS net stable funding ratio · Source checked 2026-10-21ASF and RSF categories, including the distinction between stable and less-stable retail funding.
Aswath Damodaran, NYU Stern: financial measures · Source checked 2026-10-21Primary academic explanation of FCFF as cash flow before debt distributions, after taxes and reinvestment.
SPL Mevzuat Kesim Tarihi · Source checked 2026-10-21For sittings from 16 July to 31 December 2026, the published legislative cutoff is 30 June 2026.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.