On Aug. 17, 2018, we lowered our ratings on Turkey (foreign currency: B+/Stable/B; local currency: BB-/Stable/B). In our view, Turk Hava Yollari (THY) provides Turkey with an essential service and has strong links with the government, leading us to link our rating on THY to that on the sovereign. We are therefore lowering our rating on THY to 'B+' from 'BB-'. The stable outlook reflects that on our ratings on Turkey and our expectation that THY will post resilient earnings in 2018, as revenue improvements from a sustained recovery in traffic and yields will counterbalance higher fuel prices and capital spending. On Aug. 28, 2018, S&P Global Ratings lowered its long-term issuer credit rating on Turkish airline Turk Hava Yollari
