OVERVIEW We have assigned our 'A- (sf)' rating to the proposed Türk Hava Yollari A.O. (Turkish Airlines; THY) Bosphorus pass-through certificates Series 2015–1A (the certificates) issued by Bosphorus pass-through trust 2015-1A (the trust). The transaction involves special-purpose vehicle Bosphorus 2015 LLC acquiring new aircraft and leasing them to THY. The trust's ability to service the ongoing interest and principal payments on the equipment notes that can be passed through to the certificates will rely on THY making lease payments as prescribed, or by repossessing and selling the aircraft included as security. We rate the certificates higher than we rate THY as good-quality new aircraft collateralize the certificates, with high equity participation and ample collateral coverage should the trust need to
