06.03.2015 - Public Disclosures

Moody's and S&P, two of the most respectful international credit rating agencies, assigned Turkish Airlines' first time public corporate rating  to be Ba1 and BB+, respectively.  
 
Moody's, in its press release, mentioned that Turkish Airlines' healthy financial profile is underpinned by its low-cost structure and historical above-peer-average profitability metrics and that Turkish Airlines has a well-diversified passenger revenue base that is supported by the economic and tourism growth seen in Turkey, while Istanbul's geographic location allows the Ataturk International Airport to act as a hub for international transfer traffic. Moody's believes that the airline is also an important contributor to the Turkish economy and plays a major role in promoting economic growth and tourism. The stable outlook of Turkish Airlines reflects Moody's expectation that the Incorporation will see steady industry demand with favourable passenger growth and healthy load factors during its fleet expansion phase. The outlook also assumes that Turkish Airlines will continue to have an efficient cost base and above-peer-average profitability metrics through the economic cycle. 

According to S&P's press release, the business risk profile of Turkish Airlines reflects its market position at Istanbul Ataturk Airport, Istanbul's beneficial geographic position as a transfer hub and the company's strong track record of growth over the past three years.  S&P's statement also underlined Turkish Airlines important role in the Turkish economy. 
  
With these ratings,  Turkish Airlines achieved the second highest rating among the global network carriers in the industry that have been rated by both Moody's and S&P.

Attached you may find the related reports;
-Moody's
-S&P