On Sept. 29, 2023, S&P Global Ratings revised its outlook on Turkiye to stable from negative and affirmed its unsolicited 'B/B' long- and short-term sovereign credit ratings on Turkiye. We therefore revised our outlook on government-related entity Turk Hava Yollari (Turkish Airlines) to stable from negative. We also affirmed our 'B' long-term issuer credit rating on Turkish Airlines and our 'B' issue rating on its aircraft-backed enhanced-equipment trust certificates. The stable outlook on Turkish Airlines mirrors that on Turkiye and reflects the sovereign's creditworthiness and the Central Bank of Turkiye's reimposition of orthodox monetary policy settings. The stable outlook on our rating on Turkish Airlines mirrors that on the sovereign rating. We would lower the rating on Turkish Airlines if
