International Credit Agency Moody's predicted that Covid-19 outbreak would bring significant short and long-term demand shocks in many sectors especially in the airline industry. Moody's believes that Turkish Airlines, having the flight network spanning 127 countries, will be affected by the negative demand environment like many other airlines, as a result the Agency lowered long-term issuer credit rating of Turkish Airlines from B1 to B2 on 24.03.2020. Moody's also revised the outlook from negative to under review for further downgrade.
Along with this, issue ratings of Turkish Airlines' Enhanced Equipment Trust Certificates (EETCs), which have been issued in 2015, are placed on review for downgrade from Ba3. Their outlook also changed from negative to rating under review.