Turkish Airlines' 2015-1 EETC Ratings Lowered To 'B(sf)' From 'B+(sf)' On New Methodology; Removed From UCO - S&P Global Ratings’ Credit Research

Turkish Airlines' 2015-1 EETC Ratings Lowered To 'B(sf)' From 'B+(sf)' On New Methodology; Removed From UCO

Turkish Airlines' 2015-1 EETC Ratings Lowered To 'B(sf)' From 'B+(sf)' On New Methodology; Removed From UCO - S&P Global Ratings’ Credit Research
Turkish Airlines' 2015-1 EETC Ratings Lowered To 'B(sf)' From 'B+(sf)' On New Methodology; Removed From UCO
Published Jul 08, 2021
3 pages (1588 words) — Published Jul 08, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

LONDON (S&P Global Ratings) July 8, 2021--S&P Global Ratings revised its issue-level ratings on Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates (EETCs) following a review prompted by our publication of new criteria for rating such issues ("Methodology And Assumptions For Rating Aircraft-Backed Debt And Enhanced Equipment Trust Certificates," published May 26, 2021). We removed our "under criteria observation" (UCO) indicator from the affected rating. Our analysis of equipment trust certificate (ETC) or EETC ratings under the new criteria typically starts with our issuer credit rating (ICR) on the airline that operates the aircraft, and adds any applicable notches for the likelihood that an airline will successfully reorganize in bankruptcy and continue to make payments on the ETC or EETC (which

  
Brief Excerpt:

...July 8, 2021 LONDON (S&P Global Ratings) July 8, 2021--S&P Global Ratings revised its issue-level ratings on Turkish Airlines' 2015-1 Enhanced Equipment Trust Certificates (EETCs) following a review prompted by our publication of new criteria for rating such issues ("Methodology And Assumptions For Rating Aircraft-Backed Debt And Enhanced Equipment Trust Certificates," published May 26, 2021). We removed our "under criteria observation" (UCO) indicator from the affected rating. Our analysis of equipment trust certificate (ETC) or EETC ratings under the new criteria typically starts with our issuer credit rating (ICR) on the airline that operates the aircraft, and adds any applicable notches for the likelihood that an airline will successfully reorganize in bankruptcy and continue to make payments on the ETC or EETC (which we call "affirmation credit"). We may adjust--by reducing those notches--for any adverse legal considerations that may arise from the jurisdiction in which the airline...

  
Report Type:

Ratings Action

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

  
MLA:
S&P Global Ratings’ Credit Research. "Turkish Airlines' 2015-1 EETC Ratings Lowered To 'B(sf)' From 'B+(sf)' On New Methodology; Removed From UCO" Jul 08, 2021. Alacra Store. May 20, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Turkish-Airlines-2015-1-EETC-Ratings-Lowered-To-B-sf-From-B-sf-On-New-Methodology-Removed-From-UCO-2684884>
  
APA:
S&P Global Ratings’ Credit Research. (). Turkish Airlines' 2015-1 EETC Ratings Lowered To 'B(sf)' From 'B+(sf)' On New Methodology; Removed From UCO Jul 08, 2021. New York, NY: Alacra Store. Retrieved May 20, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Turkish-Airlines-2015-1-EETC-Ratings-Lowered-To-B-sf-From-B-sf-On-New-Methodology-Removed-From-UCO-2684884>
  
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