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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.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.