Research Update: Turk Hava Yollari Upgraded To 'B+' After Same Action On The Sovereign; Outlook Positive - S&P Global Ratings’ Credit Research

Research Update: Turk Hava Yollari Upgraded To 'B+' After Same Action On The Sovereign; Outlook Positive

Research Update: Turk Hava Yollari Upgraded To 'B+' After Same Action On The Sovereign; Outlook Positive - S&P Global Ratings’ Credit Research
Research Update: Turk Hava Yollari Upgraded To 'B+' After Same Action On The Sovereign; Outlook Positive
Published May 14, 2024
5 pages (2146 words) — Published May 14, 2024
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On May 3, 2024, S&P Global Ratings raised its unsolicited long-term sovereign credit ratings on Turkiye to 'B+' from 'B' and assigned a positive outlook. We have therefore raised our long-term issuer credit rating (ICR) on government-related entity (GRE) Turk Hava Yollari (Turkish Airlines) to 'B+' from 'B'. We also raised our issue ratings on its aircraft-backed enhanced equipment trust certificates to 'BB+' from 'B'. This reflects the higher ICR and a lower loan-to-value (LTV) ratio as a result of scheduled repayments. The positive outlook on Turkish Airlines mirrors that of Turkiye and reflects the sovereign's creditworthiness. The positive outlook on our rating on Turkish Airlines mirrors that on the sovereign rating. We would raise the rating on Turkish Airlines

  
Brief Excerpt:

...Issuer Credit Rating B+/Positive/-- Business risk: Fair Country risk Intermediate Industry risk High Competitive position Satisfactory Financial risk: Significant Cash flow/leverage Significant Anchor ## Modifiers: Diversification/Portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Fair (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile: ## Related government rating B+ Likelihood of government support Moderately high (0 notches from SACP) Rating above the sovereign -2 notches...

  
Report Type:

Research Update

Issuer
Turk Hava Yollari A.O.
GICS
Airlines (20302010)
Sector
Global Issuers
Country
Turkey
Region
Europe, Middle East, Africa
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Turk Hava Yollari Upgraded To 'B+' After Same Action On The Sovereign; Outlook Positive" May 14, 2024. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Turk-Hava-Yollari-Upgraded-To-B-After-Same-Action-On-The-Sovereign-Outlook-Positive-3173022>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Turk Hava Yollari Upgraded To 'B+' After Same Action On The Sovereign; Outlook Positive May 14, 2024. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Turk-Hava-Yollari-Upgraded-To-B-After-Same-Action-On-The-Sovereign-Outlook-Positive-3173022>
  
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