A strong competitive position as the main airline in the fast-growing Turkish travel market. Istanbul's convenient geographic location for connecting transfer passengers. Growing exposure to the competitive transfer passenger market. Operations in the cyclical airline industry. Exposure to volatile fuel costs. Our view that THY will be able to maintain funds from operations (FFO) to debt of more than 20% despite an increase in debt due to a high number of new aircraft deliveries. The effect of currency fluctuations on THY's financial ratios, with significant revenue generation in euros and material liabilities in U.S. dollars. The negative outlook on Turkish airline Turk Hava Yollari A.O. (THY) signifies that we would lower the rating on THY if we lower the local
