...- On Sept. 30, 2022, S&P Global Ratings lowered its unsolicited long-term sovereign credit rating on Turkiye to 'B' from 'B+'(see "Turkiye Ratings Lowered To 'B' From 'B+'; Outlook Stable," published Sept. 30, 2022, on RatingsDirect). - As a result, we affirmed our 'B' issuer credit rating (ICR) on Turk Hava Yollari A.O. (Turkish Airlines). Our rating on Turkish Airlines is capped by the rating on the sovereign because we view the airline as a government-related entity (GRE), which would not be sufficiently protected from extraordinary negative government intervention. We also affirmed our 'B(sf)' issue rating on Turkish Airlines' 2015-1 enhanced equipment trust certificates. - We raised our stand-alone credit profile (SACP) on Turkish Airlines to '##-' from 'b'. This is because our base-case forecast indicates that the airline's S&P Global Ratings-adjusted funds from operations (FFO) to debt will improve to above 30% in 2022, thanks to a surge in passenger revenue, continued extraordinarily...
