...- We can now rate Turk Hava Yollari (Turkish Airlines) one notch higher than the sovereign credit rating on Turkiye, which was raised to '##-' from 'B+' on Nov. 1, since the company passes our hypothetical sovereign default stress test and there has been no negative government intervention during economic stress in recent years. - In addition, we now assess Turkish Airlines' stand-alone credit profile (SACP) at '##+', up from '##', owing to its resilient operating performance, resulting in our forecast of S&P Global Ratings-adjusted funds from operations (FFO) to debt slightly higher than 45% in 2024 and above 30% in 2025-2026, despite higher gross capital expenditure (capex) on new aircraft. - We therefore raised our issuer credit rating on Turkish Airlines by two notches to '##' from 'B+' and our issue ratings on its aircraft-backed enhanced equipment trust certificates (EETCs) to '###' from '##+'. - The stable outlook on our rating on Turkish Airlines mirrors that on the sovereign ratings,...
