A strong competitive position, give it is the main airline in Turkey. Istanbul's convenient geographic location for connecting transfer passengers. Growing exposure to the competitive transfer passenger market. Operations in the cyclical airline industry. Risk associated with the implementation of the current action plan and capacity adjustments to stabilize credit metrics and profitability. Exposure to instable geopolitics in the region and to country risk in Turkey. Depressed traffic levels to and from Turkey, primarily because of security concerns and weak tourism activity. Marked operational improvement in 2017 from projected weak levels in 2016 likely to support an adjusted weighted-average funds from operations (FFO) to debt of above 12% in the next two years. Exposure to foreign exchange risk, primarily because
