On May 8, 2015, we lowered our long-term local currency rating on Turkey to 'BBB-'. The outlook is negative. Following our rating action on Turkey, we are lowering the corporate credit rating on Turkish airline Turk Hava Yollari (THY) to 'BB' from 'BB+'. The stable outlook reflects our view that THY will be able to maintain adjusted funds from operations (FFO) to debt above 20% and that the rating would be unaffected if we lowered the sovereign rating by one notch. On May 18, 2015, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Turkish airline Turk Hava Yollari (THY) to 'BB' from 'BB+'. The outlook is stable. At the same time, we lowered the issue ratings
