Research Update: Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates Downgraded On Lower Aircraft Collateral Values - S&P Global Ratings’ Credit Research

Research Update: Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates Downgraded On Lower Aircraft Collateral Values

Research Update: Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates Downgraded On Lower Aircraft Collateral Values - S&P Global Ratings’ Credit Research
Research Update: Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates Downgraded On Lower Aircraft Collateral Values
Published May 21, 2021
4 pages (1945 words) — Published May 21, 2021
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

The steep decline in global air traffic caused by the COVID-19 pandemic and resulting recession has led to a weakening in aircraft values. For Turk Hava Yollari A.O. (Turkish Airlines; THY), the loan-to-values ratio (LTV) of the B777-300ERs collateralized against its 2015-1 enhanced equipment trust certificates (EETCs) have now deteriorated to levels that no longer support the collateral credit that we currently assign. Therefore, we lowered our issue-level rating on Turkish Airlines' 2015-1 certificate by one notch to 'B+(sf)' from 'BB-(sf)'. Health and safety factors. Based in Istanbul, Turkish Airlines flies to more countries and international destinations (318 in 2019) than any other carrier in the world. The airline was the 10th largest globally in 2019, after carrying 74 million

  
Brief Excerpt:

...- The steep decline in global air traffic caused by the COVID-19 pandemic and resulting recession has led to a weakening in aircraft values. - For Turk Hava Yollari A.O. (Turkish Airlines; THY), the loan-to-values ratio (LTV) of the B777-300ERs collateralized against its 2015-1 enhanced equipment trust certificates (EETCs) have now deteriorated to levels that no longer support the collateral credit that we currently assign. - Therefore, we lowered our issue-level rating on Turkish Airlines' 2015-1 certificate by one notch to 'B+(sf)' from '##-(sf)'....

  
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: Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates Downgraded On Lower Aircraft Collateral Values" May 21, 2021. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Turkish-Airlines-2015-1-Enhanced-Equipment-Trust-Certificates-Downgraded-On-Lower-Aircraft-Collateral-Values-2652290>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates Downgraded On Lower Aircraft Collateral Values May 21, 2021. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Turkish-Airlines-2015-1-Enhanced-Equipment-Trust-Certificates-Downgraded-On-Lower-Aircraft-Collateral-Values-2652290>
  
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