...The affirmation of Pegasus Hava Tasimaciligi A.S.'s (Pegasus) ratings factor in its strong market position in Turkiye (B+/Positive) with robust growth prospects, an industry-leading cost base with a young and fuel-efficient fleet and readily accessible hard-currency liquidity. The ratings also reflect the execution risk inherent in its debt-funded growth strategy, a volatile but improving operating environment with foreign-exchange (FX) risk, and its smaller size than many peers. The Foreign-Currency (FC) Issuer Default Rating (IDR) exceeds Turkiye's Country Ceiling of `B+' by one notch given Pegasus's high share of hard-currency revenue and readily accessible hard-currency liquidity. The Stable Outlook reflects Fitch Ratings' expectation that the EBITDAR leverage ratios (both gross and net) will improve in the forecast period compared with 2023, reaching a solid positioning in the `BB-' rating by 2025 with some potential upside thereafter....
