21.05.2020 - Public Disclosures

On 20.05.2020, International Credit Agency Standart & Poor's (S&P) affirmed long-term issuer credit rating of Turkish Airlines as B level since THY has a more flexible cost base than other European peers and undertaking drastic cost reductions at every level to preserve its credit standing. S&P also revised the outlook from CreditWatch with negative implications to negative due to high uncertainty regarding the pandemic and economic recession, and their impact on air traffic demand.
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 to reflect the lower valuation on the B777-300ER aircraft as a result of the pandemic.