On 20.03.2020, International Credit Agency Standart & Poor's (S&P) lowered long-term issuer credit rating of Turkish Airlines from B+ to B to reflect the weaking in demand for air travel as a result of the outbreak of Covid-19. S&P also revised the outlook from stable to CreditWatch with negative implications.

Along with this, issue ratings of Turkish Airlines' Enhanced Equipment Trust Certificates (EETCs), which have been issued in 2015, have also been reviewed, and as a result, they were lowered to BB from BB+. Their outlook also placed on CreditWatch with negative implications.